James,
I don't think there is anything you can do about the top whitespace obove the letters and the top of the textbox. I set .FontSize=72 and .Height to 110 to get vertical centering of the text within the textbox.
You might want to BackStyle = 0 transparent, BorderStyle = 0 none and put the textbox over a shape to make it look like there is less whitespace. But if the user can edit the content the textbox will appear it's full size while it has focus.
>I have a form that needs to have the letter one inch high. What I do this it seems that the white space on the top is too large. Is there a way to center the text horizontally so I can make the height less?