It would be nice to be able to specify a target hex color code like in subtitle_tonemap, should be pretty easy to add (just split to R/G/B and calculate, e.g. #a7a7a7 -> 167/167/167 -> (167/255) * 100 -> 65%).
edit: It seems you have to use the main color's code instead of 255 (e.g. 204) works, and it's the same way Subtitle Edit's percentage works.
I guess you would need to find the brightest color present in the subtitles, use that as reference, and calculate a percentage off of that to change other colors.