I have the following code in my html:
hello world
>         
        
From what I can see you really need two different styles for the paragraph. It might be easier to set those up in CSS and then just use jQuery to remove / add as you need:
#styleOne { color: red; font: normal 14pt Verdana; text-align: center; }
#styleTwo{ color: #000; font: normal 11pt Arial; text-align: center; }
Your initial html will look like:
hello world
And then to revert to styleTwo in jQuery
$('p#styleOne').removeClass('styleOne').addClass('styleTwo');