As a dev before a designer, I'd prefer the standard way. Don't get me wrong, this is a beautiful exploration that I'm grateful you did, but after looking through the codes color, I'm deterred.

Syntax highlighting provides great structure, no surprises, consistency. It is up to the developer to be able to scan the code at most.

At least? Tons of IDEs/Editors highlight all matching words if you place your caret within the word. There is much more to be done outside of syntax highlighting that would serve better improvements, perhaps.

Sublime is amazing for these kinds of things.