Whoa!
what's with the non-commenting downvote?
I'm guessing it's because I actually answered the question, rather than dismissing the question as a dumb idea.
Look, sometimes embedding Eclipse or a full-fledged editor is not appropriate. It's overkill or overweight or wrong for some other reason. I appreciate the first inclination suggested in other posts to not re-invent here, but in some cases a small invention is what is necessary. For example, the textbox used to make StackOverflow posts .... is neither Eclipse nor an embedded Visual Studio. I wonder why?
It's important to ask the question - build it or buy it? - but sometimes, the correct answer is BUILD IT.
XPathVisualizer provides a simple example of a code-folding text editor implemented in C#, and based on a RichTextBox. It's not VB, though - it's an XML editor. But the general principles apply.
Here's a look at it.

To implement XML syntax colorization dynamically, while the user types, it uses a separate background thread. The reasons why and some of the details are described in a separate answer on StackOverflow.
You could do something similar for your COBOL/VB thing. XPathVisualizer is open source, licensed with MS-PL, so you can browse and borrow.