I need to change the font of element created by the createTextNode() function:
var s = document.createTextNode(item.text);
s.setAttribute(\"font size\") = -1
You don't specify font on text nodes, you do so on the parent element - in your case:
elem.style.fontSize = "20px";
If you don't wish to change the font size for the entire parent element, you can create a element to wrap around the text node:
var span = document.createElement('span');
span.style.fontSize = "20px";
span.appendChild(s);
elem.appendChild(span);