Once you have applied the firmware updates to the X-PRO1 and lens(es) you use, here’s how you enable and use Focus Peaking on the X-PRO1:
MENU – SHOOTING MENU 5 – MF ASSIST – FOCUS PEAK HIGHLIGHT – select LOW or HIGH
The color is B&W and I don’t believe you can change the color.
By pressing the Command Dial, you get a magnified image of the screen (rotate for 3x to 10x magnification) and makes using Focus Peaking that much easier.