The "Typewriter" tool is a very simple text box comment with no properties. Think of this as a simple potable typewriter, fixed font size and style and a one color ribbon. If you want the Selectronic version, you can use the text box comment.
I have not found a way of changing the typewriter, but with the free text comment type one can create the formatted (text color, type, style, etc.) note in Word and then cut and paste the formatted text into the free text comment box and then modify the boxes fill color and border color as needed.
According to the list of issues addressed in Acrobat 8.1- the red text issue in the Typewriter tool has been "addressed" which I assume means "fixed."http://www.adobe.com/cfusion/knowledgebase/index.cfm?id=kb401730
George Kaiser