It's actually not as complicated as it looks...one of the reasons I've grown quite fond of Bitsy CX. In the dialogue settings box, just put these codes before and after the text you want to effect, with multiple codes for multiple effects:
{wvy} - wavy text
{rbw} - Rainbow-style text
{shk} - Shaky text
For example, if you typed {rbw}{wvy}TEXT{wvy}{rbw}, you would get the output TEXT with a colorful and wavy effect. There are also settings in Bitsy that let you do this to an entire dialogue box, which is how I learned the codes.
Glad you enjoyed our game! (^-^)