Hi Adam,
"Regular" font style has a value of 0, "Bold" is 1, "Italic" is 2, "Bold Italic" is 3. "Underline" is 4. "Strikeout" is 8. If you have "Bold Underline" then the value is the combination of "Bold" (1) and "Underline" (4) for a value of 5. Just an FYI, you are not obligated to store these values in the Windows Registry. You can also store your app settings in an "ini" file or just a plain text "txt' or 'csv" file. Or in a table similar to your stopwatch project.
However, in my personal opinion, I would not allow users to change fonts on components in a project. You are opening yourself up to a whole lot of issues and a whole lot of script to accommodate for all the possible combinations of fonts and sizes of components. I just would not want to tackle such a task. Instead, I would sit down with users during the design phase of the project to decide on a predetermined style of components and leave it at that. But this is just my personal opinion.
As far as inserting a line, I have done just what Derek has shown and used dashes to separate sections of a memo field. You really do not need to put a full line across the memo field for separation. I have projects where memo fields are used more or less as a journal. I typically use a series of 10 or 20 dashes on a line and a date on another line and it visually looks fine for a separation..
I know this isn't what you are looking for, but I'm just trying to keep you from having a lot of headaches down the road. :-)