You can make all letters the same height by clicking the WordArt Same Letter Heights button. Like the WordArt Vertical Text button, this button works as a toggle.
Use the WordArt Alignment button to specify the alignment. Additionally, the WordArt Character Spacing button allows you to set the distance between the letters.
For more advanced options, click the Format WordArt button. It offers a number of options.
The Colors and Lines tab provides options for word border colors, style, and weight. To change the fill color, click the Color drop-down box. Then select a color from the chart.
The Fill Effects button at the bottom of the Color menu opens the Fill Effects dialog box. You can specify gradients, textures, pattern, and even pictures. Return to the Format WordArt dialog box by clicking OK.