Cut and cover and reveal
Related
Consider the content/subject of the text you're using, and/or the hoped for poetic/prosal result, and use related materials to do a traditional blackout style by using those materials to do the blacking out instead of black marker. If, for example, you're using text that is nature-related, use dirt or crushed leaves to do the blacking out, sand for an ocean theme, wrappers from food products if the piece is about your midnight snack.
Stiched
If you have the materials, instead of using pen or paint to do the blacking out, use threads and embroider/cross stitch over the parts you want covered. You don't need to know any formal embroidery styles to do this, as you could use any kind of stitching style to cover the text - and thereby use any colours that might relate to the piece.
Film
Do a stop motion style filming of the process of blacking out, or whatever form you use, where you capture just each of the finished covered words without showing your hands doing it.
Alternatives
You can use other items besides poetry/prose to do blackout work: maps, packaging, old album/CD covers, etc.
Constraint
In the grand tradition of word-related constraint, pick only specific types of words to black out of your text: nouns, every fifth or tenth or other word, all words containing a certain letter, etc. Use only one rule, or combine several, to create your finished piece.
Project
Project your chosen text onto a surface, and black out the text that's projected there. Repeat the process if you like, using a different text each time, to create layers of blacked out (but colourful too if you lke) pieces to combine into an abstract work.