I just wrote an extension that does this. You can download the extension on the Visual Studio Gallery or directly from the Extension Manager in visual studio (search for my name or the name of the extension, "Selection Foreground").
A few caveats:
- I just threw this together, so I don't make any extensive guarantees of correctness.
- It uses a different fonts and colors item, named "Selection Foreground", instead of the regular "Selected Text" item. It'll be (alphabetically) towards the bottom.
- There will be some amount of performance degradation while changing the selection. This can be improved, but I haven't had time to do so yet.
Also, you can grab the source on github, if you'd like to make any changes.
If you have any comments, you can leave them on my blog. I'll probably write a post about this extension in the next week or so.