This is how to set the parent and subitem text & colour properties.

Code:
'Add some color and bold some items in the listview
        'Row 1
        itmVar.BackColor = System.Drawing.Color.PaleGreen
        itmVar.ForeColor = System.Drawing.Color.Blue
        itmVar.Font = New Font("Tahoma", 9.0!, _
                        System.Drawing.FontStyle.Italic)
        itmVar.UseItemStyleForSubItems = False
        itmVar.SubItems(1).Font = New Font("Tahoma", 9.0!, _
                        System.Drawing.FontStyle.Bold)
        itmVar.SubItems(1).Font = New Font("Tahoma", 9.0!, _
                        System.Drawing.FontStyle.Italic)
        itmVar.SubItems(1).BackColor = System.Drawing.Color.Blue
        itmVar.SubItems(1).ForeColor = System.Drawing.Color.Yellow
        itmVar.SubItems(2).Font = New Font("Tahoma", 9.0!, _
                                System.Drawing.FontStyle.Strikeout)
        itmVar.SubItems(2).BackColor = System.Drawing.Color.PaleGreen
        itmVar.SubItems(2).ForeColor = System.Drawing.Color.Blue
I haven't tried to get or set them depending on what is selected from a checkbox.......yet, i'll try myself when i get the time.

You may have to wait or try to organize it yourself. If you do post how you do it please.