Allowing a user to format Colorbox captions

I am looking for a way to allow a user to add italics to just a portion of the caption that appears with the large Colorbox image. A wysiwyg editor would be ideal, but I would be happy with html tags. Right now the caption field provided by this module seems to support html tags, but when applied, they do not have any effect on the caption text. I have separate captions on the thumbnails which I have been able to format with html, even without this module, just using the title or alt image fields. For the thumbnails, I am just using numerals and do not need the formatting there. I have tried many modules, but have not found anything that allows formatting of this type for the large image captions.

This might be a feature request rather then a support issue since I am not sure if the ability to do this is already supported by this module. I am new to using Drupal and may be missing something obvious. Any help with this issue would be very appreciated. My site is not public, but I can send a link if it would be helpful.