I have a partial answer for Dell users and for your formatting problem
The formatting and display issue is another well-known but undocumented issue in Excel.
Many flat-panel monitors (including laptop displays) cannot correctly display fonts in text box controls in an Excel spreadsheet: you have a moderate version of this problem.
Our company has recently been updated to new (and much more!) Monitors, and I can finally use text fields, labels and combined fields in the sheets. Our old Samsung screens displayed text controls correctly, but any updates related to the manual or VBA resulted in indiscriminate mixing of overlapping characters.
There is no problem with the lists: this is the "text box" field in your combo box that has a problem. Try manipulating the list in VBA event procedures: this is kludge, but it works.
In-cell drop-down lists from data validation lists do not have this problem. If you have set up a check list for a cell, then set data verification error messages on blank lines, you can enter free-form text in the cell; a drop-down list is a recommendation, not a mandatory limit for the list.
The problem is sometimes improved (but not completely fixed) using terminal or system fonts in your Active-X control.
The problem is sometimes improved (but not completely fixed) using the VBA event to push or resize the Active-X control by 0.75 mm.
Make sure your laptop manufacturer releases a display driver update.
... And all that I know about the problem of font rendering. If Mike (with his Dell laptop) reads this: Good luck with these workarounds - as far as I know, there are no real “fixes”.
The stability issue was a major headache for me until Excel 2003 appeared: using any Active-X control in a worksheet was a source of instability. The jury is still working on Listbox controls built into the worksheet, even in Excel 2003: I still don't use them.