How to: Change pen color in PowerPoint (NOT during slide show).
Solution:
Select a new pen color in the 'Slide Show' dialog box BEFORE starting the slide show.
1) Select the 'View' menu and select 'Slide Show...'. (The Slide Show dialog box appears.)
2) Select the desired pen color from the 'Pen Color' drop-down list box.
Pen Color
3) To run the slide show, click 'Show'. (The slide show begins. When drawing, the pen color is the selected color.)