Before taking the time to hard code all these colour and font variations into your raw HTML code, please take the time to read the CSS Section of this document. This causes problems when the viewing party does not have CSS enabled or it does not render properly. It is generally poor practice to depend on the CSS to format your page for usability. CSS should merely enhance what's already there.
Frames are a very useful tool if used properly.
Most people who use frames do not use them properly. Here are 3 points from the WDG Frames Guide regarding why use of Frames should be avoided if possible. The HTML markup language was designed to be a platform-independent way to indicate the meaning of the contents. This way, each browser can render the document on whatever platform it is running on. The author has to provide a lot of extra work to essentially duplicate the site for users of those other browsers.