Beware of performing the Max() in the script as it will ignore any user-selections.
In a straight-table chart, with all of the fields in your table above as dimensions, add this expression:
Max(TOTAL <Project> [Date of Update])
This will show you the date of the latest update for each project (just to demonstrate the logic). Now, in the dimension tab, expand the + next to Issue Update Comment and double-click "Text Color". In the expression box, write:
IF([Date of Update]=Max(TOTAL <Project> [Date of Update]),Blue(),Black())