I'm some a new at Wordpress theme development, and that i aren't able to find the solution here or through much Google foo, and so i desired to discover if the scenario can be done.

I am writing a young child theme for Themetatic and that i desired to provide clients having the ability to change CSS color values and font family from the dialoge box within the theme controls. Performs this require storing their records within the database or can one just store these directly within the CSS file?

No you don't have to store them within the database. that you can do something similar to this:

html:

<a id="style1" href="?view=black"></a>
<a id="style2" class="current" href="yourwebsite.com"></a>

and set the next within the header.php

if(isset($_GET['view'])) {

 <link href="style1.css" rel="stylesheet" media="screen">

} else {

<link href="style2.css" rel="stylesheet" media="screen">

}

Generate an income would start doing this is by developing a Dynamic CSS file following the color/font values happen to be transformed. Your CSS file would then be re-produced to incorporate these transformed values.

No, you will have to produce a theme_option that Wordpress will store within the database as well as an interface for that user to edit these options.

There's an excellent tutorial regarding how to do all this here.