There is nothing wrong with doing it that way, but it is easier to look at and type if you make a class in your stylesheet something like
.parastyle {font-family: 'Times New Roman', serif; font-style: italic; margin: 0pt; text-indent: 0pt; padding-left: 195pt;"}
and call up with <p class="parastyle">
If this is what you do for every paragraph, you can redefine paragraph in the stylesheet and then you just need <p>.
If this is for your private use, then specifying Times New Roman is fine. If it is not just for you, then Times New Roman is a proprietary font for which you could pay a lot of money to use, and which is not found on every e-reader.
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