There are two ways that I can think of:
One involves running an apple script and mapping keys, which is difficult depending on your skill level, it is described in this post:
http://macscripter.net/viewtopic.php?id=19711
The script requires that you have support for assistive services enabled, which I had to do. This can be found at: /Applications/System Preferences/Accessibility/

I've extracted the script here.
All you need to do is save the three files changing one line:
activate application "TextEdit"
tell application "System Events" to tell text area 1 of scroll area 1 of window 1 of process "TextEdit" to if exists then
set {x, y} to value of attribute "AXSelectedTextRange"
if x ≤ y then tell application "TextEdit" to set color of document 1's characters x thru y to {0, 0, 0}
end if
All you need to do is copy the above text and then save it as a file called "black (or whatever you want).scpt"
For changes to Blue you need to change the second to last line to:
{0, 0, 65535}
For Red; and
{65535, 0, 0}
For Black just use the one I posted above.
Then you will need to assign the AppleScript files to a keyboard shortcut via Automator, although there are third party tools that make this easy.
The other uses the shortcut: Command + shift + T and having the three colours already defined in the boxes below. I assume you are already doing this? And it does not really qualify as keyboard shortcuts.
Best Answer
The problem with that is that the Mac's modifier keys Command and Option are used in conjunction with the arrow keys to navigate through text more quickly by going to the beginning or end of a line or the beginning or end of the next/previous word, respectively.
There may be a utility that will allow you to modify the system-wide defaults but you run the risk of breaking text editing everywhere in the system.