Yep you can definitely do those things.

For changing the fonts and such, you will need to manually edit the themes style.css file, I believe the entry is .post p:firstchild {. Also, while the inherent theme options page allows you to completely remove the feeds widget, it doesn't allow you to customize each item in the list. You can do this by editing the sidebar.php file and removing the unwanted portions.

If you e-mail me your contact information at numethod@gmail.com, I can make the modifications to both files you are after in no time and send them back, so you can simply replace the files on your server with what I send and it should look how you would like.