As for timings, you change that here:
new Tween (pics_mc.yellow_mc, "alpha", None.easeInOut, 0 , 1 , 2 , true );
Since the last parameter is true, you are measuring in seconds. so the 2 indicates the tween should take 2 seconds. However, the easing function None.easeInOut will make is slower at the beginning and end the way you have it set up.

As for the other part, I will see if I have time to explain this. It may have to be modified slighly based on what you are saying about the text. I am not entirely sure what you are trying to do with the background colors. I get that you want the color to change and then the text to fade in, but how should the color change? Is there any transition at all, or does it just jump from one color to the next?