1.Yes, there is a script for changing the font colour and size. See the picture.
2.No, you can't make the words come letter by letter that easily, but you can try out this suggestion:
Print H
After 1 second
Print E
After 1 second
Print L
After 1 second
Print L
After 1 second
Print O
This will take a long time if you're doing a lot of words.