I think the answer is:
Republican Presidential Candidate Donald Trump
My jokes may not make you smile, but at least my name will
You are probably not amused by his clownish persona, "blood coming out of her whatever", etc. But his last name is British slang for flatulence, so there's that.
Stolen from babies as soon as I'm born
From the moment his political career was "born" he has been nothing but trite and juvenile.
Right from my maker by force I am torn
His "maker" is the American conservative establishment, which has been pushing for more extreme rightist positions since the Obama era. Trumpism was "torn" away from the Establishment because he, the professional Trump University scammer and carnival barker, plays their xenophobic and misogynist game much more convincingly than they ever could.
Pale at first, weak, and infirm,
Oh how I'll change in my ultimate form.
Nobody thought he could win, with a base of middle-aged and senior-citizen white males. But he has become a force to be reckoned with. In his "ultimate form" he will be either the golf-promoter-in-chief, the President-in-name-only, shaking down foreign dignitaries and billionaire lobbyists to patronize his luxury resorts while a flyover-state governor is actually running the country; or, he will go down in flames, after having destroyed the careers of numerous Republican politicians and unleashed a wave of nativist and protectionist sentiment that will permanently commandeer the party.
Billions of creatures will toil away
Changing me subtly, day after day.
According to his own inner circle, his candidacy was started merely to drive up ratings for his next reality TV venture. But now, millions and billions of people are transforming him into a formidable political movement, by listening to his ravings as if they are actual policy proposals. For example, with his racist rants about the Mexican-American judge, intended solely to distract blue-collar voters from the merits of the lawsuit and how he cheated people like them. Rather than ignoring his anti-judge bile, people were speculating about what that might mean for Supreme Court vacancies filled by a Trump administration.
I will be ready, it won't take too long
And then I'll be sharp, and I will be strong
His PR fluffers have been telling us that he will pivot, he will professionalize, any day now....
I can be orange, yellow, or blue
He is orange, he whips up hysteria like a "yellow-bellied coward" or a "yellow journalist", and he rants and raves ("I have to rant and rave or you will fall asleep on me!") until he is blue in the face.
And that will be it, that's the last clue.
Trump, for all his bluster, is a bit of an enigma, who holds cards close to the chest. He has no friends.