This thread might be dead, but StyledMarker is available for API v3. Just bind the color change you want to the correct DOM event using the addDomListener() method. This example is pretty close to what you want to do. If you look at the page source, change:
google.maps.event.addDomListener(document.getElementById("changeButton"),"click",function() {
styleIcon.set("color","#00ff00");
styleIcon.set("text","Go");
});
to something like:
google.maps.event.addDomListener("mouseover",function() {
styleIcon.set("color","#00ff00");
styleIcon.set("text","Go");
});
That should be enough to get you moving along.
The Wikipedia page on DOM Events will also help you target the event that you want to capture on the client-side.
Good luck (if you still need it)