Can we change the Text Effect(Video editing) font as of 2.79 version?
If not, how can a text created by Text Editor be pulled into the Video Timeline Editor?
Personally I use the fact that Blender can have multiple scenes each with wildly different settings/setups/objects.
There are various ways of getting the Text lit.
Depending on what outcome you want you can either set the background colour or set as Transparent.
Here the default Scene contains the default Cube with the default Lighting and our Title Text Scene is Rendered and placed in front of it.
The great thing about this technique is that you can do really cool animations with the text. From basic scrolling to bouncing to 3D manipulations. And you can do this with as many scenes as you need.