Hi Tom,
1) Here's how would do Part 1. Create a formula with this code:
stringvar str := Output.Description;
if instr(str,":") > 0 then
'<b><u>'&left(str,instr(str,":"))&'</b></u>'&
Mid(str,instr(str,":")+1)
else
str;
Right-click the field > Format Field > Paragraph tab > Look for 'Text Interpretation' and choose 'HTML Text' from the drop-down.
2) For Part 2, it would help if the Output.Description has a 'New Line Feed' to separate each line. So, in the above example, how does the word 'Earth' end up on a new Line? Does the field already have it setup that way or is it caused due to the fact that you've turned on the 'Can Grow' feature?
-Abhilash