{
 > Has anyone got a way around having mixed fonts within a memo component ?

You can use this rough TMemo derivative to experiment: }

  unit Todrmemo;

  interface

  uses
    SysUtils, WinTypes, WinProcs, Messages, Classes, Graphics, Controls,
    Forms, Dialogs, StdCtrls;

  type
    TOwnerDrawMemo = class(TMemo)
    private
      { Private declarations }
      procedure WMPaint(var Message: TWMPaint); message WM_PAINT;
    protected
      { Protected declarations }
    public
      { Public declarations }
    published
      { Published declarations }
    end;

  procedure Register;

  implementation

  procedure TOwnerDrawMemo.WMPaint(var Message: TWMPaint);
  var Buffer: Array[0..255] of Char;
      PS: TPaintStruct;
      DC: HDC;
      i: Integer;
      X,Y,Z: Word;
      OldColor: LongInt;
  begin
    DC := Message.DC;
    if DC = 0 then DC := BeginPaint(Handle, PS);
    try
      X := 1;
      Y := 1;
      SetBkColor(DC, Color);
      SetBkMode(DC, Transparent);
      { SetFont something or the other here... }
      OldColor := Font.Color;
      for i:=0 to Pred(Lines.Count) do
      begin
        if odd(i) then SetTextColor(DC, clRed)
                  else SetTextColor(DC, OldColor);
        Z := Length(Lines[i]);
        StrPCopy(Buffer, Lines[i]);
        Buffer[Z] := #0; { not really needed }
        TextOut(DC, X,Y, Buffer, Z);
        Inc(Y, abs(Font.Height));
      end;
    finally
      if Message.DC = 0 then EndPaint(Handle, PS);
    end;
  end;

  procedure Register;
  begin
    RegisterComponents('Dr.Bob', [TOwnerDrawMemo]);
  end;

  end.