The key thing to remember about TextBlockTextRenderer is what is listed in its documentation:
Renders text with a native flash.text.engine.TextBlock from Flash Text Engine (FTE)
If you just set its 'text:String' property, all it does is set its content property to:
new TextElement(text)
( http://help.adobe.com/en_US/FlashPlatform/reference/actionscript/3/flash/text/engine/TextElement.html )
If you want more sophisticated content, you would set the content property directly instead of using the text property. Anything that works as a valid value for a flash.text.engine.TextBlock's content:ContentElement would work here:
http://help.adobe.com/en_US/FlashPlatform/reference/actionscript/3/flash/text/engine/TextBlock.html#content
But now you are completely outside the scope of anything related to a Feathers API, and you would need to read about how to use the Flash Text Engine (FTE). This includes any optional use of the TLF (Text Layout Framework) which lives on top of the Flash Text Engine, and also includes HTML parsers that turn HTML into FTE content suitable for TextBlockTextRenderer.content.
So you want to search the net for various articles on FTE, TLF and its text rendering system to see what options you have of using various stylized text formats. It opens up quite a lot of possibilities, but it also means you have a new API to figure out (outside Feathers specific APIs).