Doing manual python investigation, this code isn't what's dropping the style tag:

    >>> import lxml.etree
    >>> e = lxml.etree.fromstring('<p style="font:italic bold 72px/30px Georgia, serif; color: red; ">Red text here</p>')
    >>> e.attrib
    {'style': 'font:italic bold 72px/30px Georgia, serif; color: red; '}

Rather than dropping the ability to inline html, can we diagnose what's actually dropping the style info?