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Are all of your text settings made in the Text Style or are properties of the overall text object? If so, then MATCHPROP should work (provided that you have the Text toggle checked in the Settings dialog for MATCHPROP).
If you are using MTEXT and setting text properties within the MTEXT editor, then MATCHPROP will not work.
We try to avoid using formatting within MTEXT for that very reason. "More experienced" users, who learned AutoCAD before there was MTEXT, and are used to making text formatting choices in Text Styles, generally play nicely. There are some who learned AutoCAD after the advent of MTEXT, who use the Standard text style for everything, and then apply overrides in the MTEXT. That works, but makes it very difficult to implement global changes, as you have found.
I would be surprised if someone has not written a LISP routine or other customization to strip out MTEXT formatting. Whether someone has written a routine to copy the formatting from one source and then push it onto other selected text is a very different animal, particularly as the formatting in the source or target files could change throughout the MTEXT string.
For office-standard, contract documentation, the styles should already be there. Even if your firm has a large number of "standard" text appearance requirements, it has to be faster to select the proper Text Style (or apply it after the fact), than to set MTEXT overrides for each and every text object. But I have seen blank stares when I mention Text Styles, as though I had made the term up on the spot. Fortunately, we have a fairly limited number of text styles and there are tool palette tools set up for starting various types of text, so that makes complying with office standards relatively easy.
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