Yes, unfortunately we had to pretty much remove the a:hover css from themes, because it created a bug with links when the contact form or images were present. Instead, the underline hover effect is hardcoded. Is this a problem? Its a pretty subtle effect that visitors are used to see these days ...
Also, you can not use inline-css in flash textfields ... They simply are not that powerful like browsers - They are just limited textfields with basica formatting. You can assign CSS classes in your textpages, but not inline-css.
YES:
<span class="myclass">Hello World</span>
<span style="color: #FFFFFF;">Hello World</span>
