You can use an annotation to comment and uncomment a block by enterting the code below as the 'ClickFcn' for the annotation.
if(strcmp(get_param(path_to_block,'Commented'),'on'))
set_param(path_to_block,'Commented','off');
else
set_param(path_to_block,'Commented','on');
end
Unfortunately, annotation properties can not be accessed programatically and hence, you will not be able to change the color of the annotation based on whether the block is commented or not.
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