Solution or Workaround
When opening a project file, I find that my fonts have reverted back to the default font, why?
Fonts has no default style.
Non-standard fonts seem to behave oddly in ArcView. If you find that a particular font always seems to revert back to the project's default font, i.e. Arial, make sure that the style field in the Font Palette is not blank when applying the font to a set of text.