KSH styling text based menu using STDERR

Question

Is it possible to format the STDERR in order to have a better looking menu using the select command?

I have a simple select

    select oChoice in $(<tempMenu.menu) ; do  
      case "$oChoice" in
          *) 
           break
          ;;
      esac
   done

I've tried a trick like:

    exec 3>&1
    select ...
    ...
    done 2>&1 1>&3 | sed 's/^/NICE OUTPUT    /'

But I cannot use escape sequences (i.e. colors), for example

   ...
   done 22>&1 1>&3 | sed 's/^/\033[1;33m\033[44mNICE OUTPUT    /'
   or
   done 22>&1 1>&3 | sed 's/^/\\033[1;33m\\033[44mNICE OUTPUT    /'

The escape sequences are not escaped and also the STDOUT is altered because I have customized the PS3 as well.

PS3="$(print \\n\\r)# $(print "\\033[1;33m\\033[44m")"$QUESTION"$(print "\\033[0m\\033[1;1m\\033[44m") `tput sc` $(print "")
#$(print "")
# $(print "")
# Status: $status $(print "")
# $(print "")
#~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~  `tput rc` "

As far as I understand (Show only stderr on screen but write both stdout and stderr to file) I cannot separate the STDERR from the STDOUT, so, is there a smarter way to create dynamic text-based menus just using the STDOUT? (or an otherway to workaround my issue)