@rojtalbot:
1. You can actually remove it from “Appearance => Theme Options => Homepage Settings => Homepage / Frontpage Settings”. Then un-check “Enable Latest Posts” and save changes.
If this doesn’t remove then only you add in the following css in “Appearance => Theme Options => Custom CSS”.
.home #main { display: none; }
2. Detail color options are there in Pro version Theme Options panel. But, you are using free version. So, you need to change the color code in the following css as per your need and then add it in “Appearance => Theme Options => Custom CSS” box.
/* Footer Area Color Options */
#footer-sidebar { background-color: #21759b; }
#supplementary .widget-title, #supplementary .widget-title a { color: #fff; }
#supplementary .widget-area, #supplementary .widget-area a { color: #ddd; }
/* Footer Info Color Options */
#site-generator { background-color: #fff; color: #404040; }
#site-generator a { color: #eee; }