Photoshop doesn't come with fonts, you'd need to download and install them from other sites
There's a few in this post near the end:
http://forums.d2jsp.org/topic.php?t=63814312&f=246&p=426057734

To reduce the quality it would depend on what kind of file you want to save it as
If you go to File -> Save for web and devices, it gives you more saving options
If it's a JPEG then you can easily decrease the quality (sliding the bar up or down)
If it's a PNG with a transparent background, you need to either use a posterize filter or use less colors in the image

ah ok thank you very much! I think you just solved all my issues

lolol

dafont is best font.