How about making a garden all around the pool?
3 ft wide all around and plant some caladiums, of all colors, maybe a banana tree or two? If it gets a good bit of shade, hosta are great., as is some of the smaller varieties of fountain grass in the sunny areas. Im partial to fireworks fountain grass myself. Also throw in a bunch of Vincas of different colors. They are reasonably cheap and provde great colors.
To keep grass from growing into the garden, make yourself a 4 x 4 inch trench all around at the outside edge of the garden. Grass will grow right up to it, but not encroach.
then fill the garden with 3 inches of mulch.
EDIT:
Oh, and dont forget the obligatory Sego Palm!