it's affably strait forward to add options to eCart.
the process is:
1) Create a column in the eCart object for the option, the option columns should be marked as unique.
2) in the add to cart button, set the option column to be edited by a select list, text box or check box
3) In the add to cart form, set the values for the options checkbox or select list.
you should take a look at the product options section of our eCommerce tutorial series:
the bookman old style font is not a web safe font, but you could create an image of each letter and show that image based on selection with custom coding. same for the color display, you could do that with custom coding, we could help with the custom coding in a premiere support appointment: