I think one of Markdown's biggest mistake was making `*` and `_` interchangeable. It should have been `*bold*` and `_italics_` from the beginning.
What about * for bold, / for italic and _ for underline?
If people want to make foo or foo bar italic, they write /foo/ and /foo bar/.
Perhaps //italic text// would be acceptable.
I, myself, prefer /italics/, _underline_ and _bold_ in text, if there is no formatting. I feel that these 2 are the least arbitrary, they almost work without agreeing on their meaning beforehand.