Before coming back to read your replies, I decided to experiment. I used Calibre to convert my LIT to MOBI. Upon removing my SD card to add the new version, and re-inserting into my reader, all of the fonts I chose appeared and showed up with the MOBI format. Also, the zoom feature seems to be quite a lot nicer using the MOBI as opposed to LIT.
I'm definitely going to bookmark this thread so that once I become more experienced, I can learn OpenInkPot as well as fb2. I think in future, it may be good to know how to use these.