Yes, you can highlight text in Pages. Here are links to a couple of recent threads in Apple's Discussions with screenshots.
http://discussions.apple.com/thread.jspa?messageID=10789329
http://discussions.apple.com/thread.jspa?threadID=2532346
If you want to do this frequently you can save the highlighting as a character style. You need to create your own default template. Set up your document with the margins, headers, etc. as you'd like. Redefine all of the paragraph & character styles to have your desired font.
While you're at it, you might want to set default styles for all objects, text boxes, tables, paragraph styles, etc. Start with a blank document & insert an object. Change the color, wrap, etc. to your choosing & then go to Format > Advanced > Define Default Shape Style then delete the object. Repeat with an image/photo, a text box & a table.
Now, save this as a template then, in Pages > Preferences, select this template as the default for new documents. All of your new documents will have these settings for inserted objects, images & tables. Unfortunately, the settings won't apply to any other templates or "foreign" documents you open with Pages.