I can't tell from your post if you are using Find Font or going one at a time through frames.
Find Font is still a manual process, but at least it can change all and change th style defs at the same time.
Maybe I should clarify ... When importing a Word document into QuarkXPress, if there are fonts that don't match you are presented with a dialog box asking you to find replacements. In that dialog you can also set the substitution as a rule so that whenever QuarkXPress encounters the "bad" font it will replace it with the one you selected as a "good" font no matter what document you are working on. If memory serves, you can also set a font substitution rule from the "Usage" window.
My question is this: Is there a way to make InDesign perform this same funtion?
Essentially, no. Find font allows to do the substitutions, but hter is no way to set a rule for the future.