G'day Legal Eagle,
I save the text content from Mulga Wire, the magazine of the Bush Music Club, here in Sydney, to a plain text file (~.TXT) after the magazine is published. this is so that it can be read by one of our members - a keen dancer, a lawyer ... and totally blind!
I usually publish the magazine in MS Publisher and it takes a lot of fiddling to get the text back into a single, sequential file because of the "Text Box" structure of Publisher, but I presume that all the formatting, other than spaces between words is stripped away. If I wanted to retain any of this formatting, I would save as in Rich Text Format (RTF).
Of course, you can always use a "Search and Replace" function to remove anything else you wish from the text. When re-formatting text lifted from an email or similar source, I routinely run replacements of double spaces, double line breaks &c and I suspect all of that could be set up in a couple of simple macros to reduce text to any desired formatting (or lack of it).