: To select text for altering font family, style, size, or color, press shift on the keyboard and select using the cursor keys with pressed shift key (similar as you can do in word processors on non-Android computers). I am aware that some soft keyboards do neither have shift nor cursor keys, but there are full soft keyboards with all standard keys.
I just performed some changes in the code that will allow to long-click, select text, and then use the keyboard menu (or the style popup in case of the text drawing tool). This will be available with the next update.
: LectureRecordings and LectureVideos aim at different task: LectureVideos is to produce videos such as http://www.youtube.com/watch?v=Ul_H1F2kaRg
(a random Google hit), whereas LectureRecordings is to record audio while taking notes. With LectureRecordings, you can reply audio in a synchronized fashion, somewhat similar to a video, in the sense that LectureNotes automatically displays the area of the notebook into which you have written in the given moment, and there is a search functionality to search for recordings during which you have written a given note.