Not quite the answer you were looking for, but it might be a better one.
mandb is an implementation of man that will format man pages in HTML. It was written by someone at Redhat and is I think now the standard on all .rpm based systems, but available to install as a replacement for the old man on Debian, Ubuntu, et. al.
Using mandb, man -H whatever will format the page in HTML and send it to $BROWSER. There are a few man pages where this goes screwy (such as gcc), but most of them are fine. It's also sometimes problematic with google-chrome.
That's a great feature, but most of the time I can't be bothered -- I'd rather just glance through the page in a terminal. Thanks to lynx, a text mode web browser, you can sort of get the best of both worlds. I don't want $BROWSER to be lynx generally, so:
#!/bin/bash
BROWSER=lynx
man -H $@
And call this mnlx or something. mandb creates a tmp file to do this, so you could speed things up by caching the HTML versions and using those when available -- but that's a longer script...
The really nice thing about this is mandb also adds an index with links to each section at the top, e.g.:
BASH BASH (p1 of 121)
NAME
SYNOPSIS
COPYRIGHT
DESCRIPTION
OPTIONS
ARGUMENTS
INVOCATION
DEFINITIONS
RESERVED WORDS
SHELL GRAMMAR
COMMENTS
QUOTING
PARAMETERS
EXPANSION
REDIRECTION
ALIASES
FUNCTIONS
[...]
The man page proper follows this. As manatwork indicates in the comments, italic and bold appear as red and (bold) blue in lynx; normal text is white, links are green, the current link is bold yellow.