Re: Member custom profile page
Well, currently Buddypress allows users to change the text/their images(gravatar) etc. So most of the thing you want is already there.
For your second question, I don’t think there is a plugin which allows selecting font size/color, so this is something which you will not get out of the box.
You may want to take a look at Boone’s plugin tinyMCE for Buddypress. That allows posting rich text data.