Perhaps
this, not really knowledgeable about SMF.
Here's a guide to allow installing a mod intended for an older version by using version emulation. Also note dropdown box on the first page that gives you the manual installation instructions on how to make the mod to work with various versions. (It has instructions for 2.05 so it should work, even if you can't install it without emulation.)
EDIT: Member Color Link doesn't have the instructions, so it apparently won't work even if you install it with emulation.