Just define a class:
.blueFont { color: #00F !important; font-size: 24px !important; }
and in the change event handler for your checkbox, toggle the class:
toggleClass: function(oEvent) { var oTA = this.getView().byId("myTextArea"); if (oEvent.getParameter("checked")) { oTA.addStyleClass("blueFont"); } else { oTA.removeStyleClass("blueFont"); } }
However, keep in mind that changing the color and/or font size does NOT change the data to be submitted; it will just be the unformatted textarea value
EDIT: Jamie Cawley already beat me to it