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Is Times New Roman part of the fonts available in your ipad?
Otherwise it will be displayed in an available font.
It is better to specify in ems, rather than in points, if it is to be used in any other device once you get it the way you want it. 1 em is the base font size and you can size up and down from there and it will allow the ereader theoretically to size things up and down appropriately no matter how much or little you have asked it to zoom the text.
If it will work with your Word version, you might consider Toxaris' add on to produce an epub. There is no charge for it.
Calibre is developed by Kovid Goyal who lives in Mumbai, India and his product is donationware.
You can ask for help in the Calibre forum on Mobileread (click on Forums at the top of this page) and he or someone else familiar with Calibre (and there are many people familiar with it) can help you with your questions.
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