Use of descriptive text field to style (Font/Color) while building the custom form

Can the descriptive text field be enhanced while building the form? , I should be able to style the descriptive text by changing its color and making it bold for user.

Is there a way to bring the descriptive text closer to the field, or is there an alternative solution?"

Workfront View  - 1)  Need to remove the space Highlighted in RED.  

2) so i can  bring  the “Descriptive text field-with the text”  closer to  “Text with formatting field”

3) Also, is there a way  to use style/color in “Descriptive text field-with the text”

Please advice if you have alternate solution,