This took me a while to figure out, but I finally did it!

Let's say you want to encapsulate data in backticks and apply a separate styling. For example, like what backticks do in Slack.

You can sort of do this in Outlook 2016 / Outlook 365.

1. Open up an e-mail and compose whatever you want. Make sure you include some text between `
2. Press Ctrl+h
3. Put the following in the "Find what" field: ([`])(*)([`])
4. Put the following in the "Replace with" field: `\2`
5. Click "More >>"
6. Check "Use wildcards"
7. Put the cursor in the "Replace with" field and then click "Format" at the bottom.
   1. Select any style you would like.
8. When you are ready to apply your change, click "Replace All"

Magic!