Hi Dale Palmer,
You can have the same functionality for News Summary like this one you have for Events.
Here is the solution.
1. Open the control designer template for news ~/Sitefinity/Admin/ControlTemplates/News/Design/NewsViewControlDesigner.ascx
2. Find and remove the existing TextSetting for Summary
3. Then put the following ContentSeting control in the same place.
Here we have TargetID="Summary" which means that our settings will apply to the summary metafield of news items. If you change the ID to "content" your settings will apply to the News content.
the Telerik team