1. If using IP 2010, go to File --> Options --> More Options --> General --> Print background colors and pictures - make sure this is checked off. The other possibility would be under the print window in the properties that you may not have it set to print in color.
2. The control itself needs to be a rich text control in order to change the font size. Right click on the control --> Change control --> Rich Text Box. This should change the control to a rich text and allow you to change your font.