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Hi LightlyFried

I am not the expert on Photoshop variables yet that alone I don't believe will work. 

Pretty sure it just uses the text in the csv file with no formatting and then applies that to the Layer.  I believe that the formatting that is then used in the Text Layer is determined by the formatting of the first character in the text and applied to all characters in that Layer.  

So my understanding is that if all of the text in the text Layer is of one format, you will get the same format using variables.  Replacing Text with different formats per character would be changed to one consistent format based on first character (have not thoroughly tested this)

To do what you want could be done yet may be much more involved most likely using scripts to search for the desired word and change the format for that specific word.

Others may have more insight to possibilities than I.

John Wheeler