2) Set the text layer .contents as the variable from step 1
Working with text is difficult, a more advanced scripter than myself would be needed to retain existing text attributes as anything font/text related is often very complex as it generally relies on using Action Manager (AM) code and not DOM code.
I am not sure what exactly you want to achieve, can you show us example?
It is possible to copy-paste using Photoshop action. I am not sure about style, do you mean layer style or effects? It must be done as separate action step I think.
If you want to write script (thats what translator says) then wait for scripters to see your request @c.pfaffenbichler@Stephen Marsh