Hi @Harry N Nomikos,
Per my test, you could use following json to display different colour based on lookup value
{
"$schema": "https://developer.microsoft.com/json-schemas/sp/v2/column-formatting.schema.json",
"elmType": "div",
"debugMode": true,
"txtContent": "@currentField.lookupValue",
"style": {
"color": "=if(@currentField.lookupValue == 'Low', 'green', if(@currentField.lookupValue == 'Medium', 'orange', if(@currentField.lookupValue == 'High', 'red', if(@currentField.lookupValue == 'Unknown', '', if(@currentField.lookupValue == 'None', 'blue', '')))))"
}
}
And here is the test result
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