Looks like there is a class designed exactly for this:
CellFormat
In particular these following methods:
public CellFormat setBackgroundColor(
ColorbackgroundColor)
and
public CellFormat setTextFormat(
TextFormattextFormat)
I haven't coded in Java in ages so I won't try to give you a working code example, but I think you'll be able to figure it out easily from this.
EDIT: Here's a basic example starting from your code:
CellData setUserEnteredValue = new CellData()
.setUserEnteredValue(new ExtendedValue()
.setStringValue("cell text"));
CellFormat myFormat = new CellFormat();
myFormat.setBackgroundColor(new Color().setRed(1)); // red background
myFormat.setTextFormat(new TextFormat().setFontSize(16)); // 16pt font
setUserEnteredValue.setUserEnteredFormat(myFormat);