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per iteam agreemeent, the tab name should be consistent so "Fonts & Colors" should be used instead. Tools->Options->UML->Widgets to Tools->Options->UML->Fonts & Colors
Well, the widget customization panel was designed to allow user to customize widget look & feel which includes but not limited to color & font, e.g. user should be able to change arrow head size, link (edge) stroke thickness etc. BTW, p2 is not appropriate for an issue this nature.
This name has already been changed sometimes ago. verified in build 20080528.