As of Monday (August 19th), Google Chrome Canary now supports CSS3 Text Decoration shorthand property. Once in Canary, you can enable the "experimental Web Platform features" runtime flag by checking the link below:
After enabling it, restart your browser and you should be able to use the following pattern:
text-decoration: underline dashed red;
As specified in CSS Level 3 Text Decoration shorthand specification. You can also check this page, with examples of shorthand property usage: http://184.108.40.206/backup/css3-text-decoration-properties
I am also proposing these properties to go enabled by default in WebKit - stay tuned for further updates!