You can use the strings on
StandardErrorTypeService for the default provided types. If you want to define your own, you can provide an EditorFormatDefinition, and create a squiggle with a matching name. The squiggle visual manager uses the foreground brush/color property for the squiggle brush.
As for the tooltip, I've heard other reports about issues around it. I'll try playing around with it to see if it is indeed broken in Beta 1, but I'm guessing that it probably is. We likely didn't notice it because the squiggle tooltip content you see in Visual Studio doesn't actually come from squiggles; it comes from quick info, which is part of intellisense.
-Noah