I'm not sure how to change the default line spacing. But here's a workaround that might save a bit of time and effort:
1. Reformat some text the way you want it to appear.
2. Select at least one paragraph of the reformatted text.
3. Press Ctrl + Shift + C to copy the formatting.
To apply the formatting to another paragraph, move the cursor anywhere within a paragraph. No need to select. Then press Ctrl + Shift + V to paste the formatting. This should change the formatting of the current paragraph, even if nothing is selected.
The "clipboard" containing formatting information should persist as long as Outlook is open.
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