First off, MS Word is not a web application, it is a print media application. It does not speak "web." WordPress will automatically strip out any Word formatting since it will destroy your blog. If not immediately, then at some point in the very near future. You can write in MS Word and paste it in using the "paste from Word" icon in the editor tool bars, but any formatting will have to be done right in the wordpress editor after it is pasted.
1. Web standard paragraph spacing is one blank line between paragraphs. This can be adjusted manually using inline CSS, but it would either have to be done on a paragraph by paragraph basis, or you would have to have the CSS upgrade and at least some knowledge of CSS.
2. When placing image into a post or page, you put your cursor into the text where you want the image to be inserted and then use the "insert an image" function. You can chose from several alignment options:
None: image left aligned but no text wrap
Left or right: image left or right aligned with image wrap
Center: image center aligned with no text wrap
3. Font settings will be stripped out (again, Word does not speak web and really mucks that stuff up). Font style changes (italic, bold, underline, etc.) will have to be taken care of in the wordpress editor. If you are talking about actual font-family changes, then that has to be done with HTML.
A note on fonts: Browsers pull from the fonts that are installed on the visitor's computer. If the font is not installed on the visitor's computer, then the browser will substitute whatever it can find on the visitor's computer that it thinks is a match, or drop back even further and just use the browser standard serif or sans-serif font. For the fonts that are consistent from OS to OS, see the following link.
If you have a post or page with formatting issues that is published so that we can see it, that would help. Then we can help you get things straightened out.