Found a way to do this with a combination of the following addons:
Content Types Users Threads XFMG @NixFifty's Tickets add-on Add-on presentation This addon allows you to set permissions for Custom Fields: Input permissions: select which usergroups can access and edit the custom field (supports the 3...
xenforo.com
Adds an per-custom field criteria option to match an empty value. Preforms a user promotion when: A user updates their own profile (Routes under /account). When admin's edit a user's profile. When a user upgrade is being applied/removed...
xenforo.com
This addon will make it possible to assign "moderators" to user groups. A user group moderator is able to view / add / remove members from groups that they moderate. Features Give any user or user group the "moderator" role for a selected user...
xenforo.com
And a step by step guide if anyone else wants the functionality:
Step 1) Set up a User Group. I will call it (Subscriber) Tier 1. Permissions don't matter.
Step 2) Set up a User Group. I will call it Tier 1. Set (Subscriber) Tier 1 as a Group Moderator for the Tier 1 group. Set other permissions or display options as you desire.
Step 3) Create a Custom Field (/admin.php?custom-user-fields/) using Drop Down Selection or Radio Buttons. Create an option for each choice you want to give the User. I placed mine under Preferences.
Step 4) Go to User Group Promotions (/admin.php?user-group-promotions/) and create one. Check the Add User to User Groups box for the Tier 1 group (not the (Subscriber) Tier 1 group). Under Apply This Promotion While, choose User Groups: (Subscriber) Tier 1. Go to User Field Criteria and scroll down to Preferences. You should see the Custom Field that you created in Step 3, check the box next to its name and the option that is associated with the group.
Step 5) Add users who you want able to use this option to the (Subscriber) Tier 1 group (via any of the available options for doing that).
Now the Users have an option under Preferences for which group they are in/is displayed. If you want to allow multiple banners at once, use multiple choice selection for the custom field. If you want the user to always have the relevant permissions and only be able to choose to display/not display a banner or Username coloring/title then put those permissions on the (Subscriber) Tier 1 group and only the Banner/Title/Username options under the Tier 1 group.
I would also like to thank
@Xon for two of the three addons that make this possible, and for a bit of advice about how to go about doing this.