Not quite a "style" palette, but you can set a Tool Preset (upper left of options bar) to a style you want to re-use. I have a couple basic ones in there.
Type a line of text and style it how you want with the text tool. Then, in that Tool Preset dropdown, hit New Tool Preset (this would be a text preset, in the same list as other tool presets). After you have a couple in there, the next time you want a certain text style, you click the preset name, THEN start typing.
Again, not really a real text-style machine, but it saves you scrolling huge font lists and re-tracking and re-coloring and etc.
