The component TWPSynEditHighlight has been created to use the SynEdit (http://SynEdit.SourceForge.net) syntax highlighters (available for pascal, c++, java, SQL, XML and many many more) with WPTools 5.
Please check out demo SynHighlight.
TWPSynEditHighlight works in an optimized way - it updates the text attributes only when necessary and caches the text attribute ids. The relatively short sourcecode (WPSyntaxInterface) is really worth to be read.