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Is it possible to move, remove or change the font style of the (Optional) and (Optional - SELECTED) that displays on the optional lines at the end of the description? 

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Create a new one like the below:

The font will be the same as the description, you can't alter that font independently of the core description.

Of course, you could have a different font by setting a conditional font or new detail section, for the type of item.

For example, all of my (non-selected) options appear in Green and my optional text is a "*".

I then have a line at the bottom of my quote indicating that any items in green are optional and not going towards the quote total.

That's not a bad idea, just wondering, can I leave it blank instead of inserting a "*"? Do you happen to know the Key Name for the Optional Item Selected?

Can I relocate this to a CustumMemo field instead of having this displaying on the optional lines at the end of the description? Is this possible?  

Thanks for your help.

At the moment, that's not possible. A script would be required, if not considered by the QW dev. team, to do something like:

If Optional : Set CustomMemoXX = "XXXX"

If OptionalSelected : Set CustomMemoXX = "YYYY"