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Is it possible to raise/lower selected text in 1 pt increments? If so how?

Not in 1 pt increments, only in percent. But with a 10 pt font for example, raising or lowering the text by 10%, 20%, 30% and so on makes the desired effect.
Just go to Format Character..., Tab Spacing, choose Superscript or Subscript, size 100% and the desired percentage for position.

Maybe simplier method...

Extras->Customize->Keyboard Mappings->Edit->

Format->Increase font size/Decrease font size

assign key and.....

Thanks for the update.

Is what you describe above different than using "superscript" or "subscript"?

My first inquiry a month and a half ago was prompted because an add on equation editor...easier to use than Math Type, and is fully compatible with MS Word but the equations it produces dont align well enough vertically within Textmaker.

Yes, it is. "Increase font size" changes the size of the font, not the vertical positioning; for example, a 10 pt font becomes an 11 pt font, 11 pt -> 12 pt, and so on. I assume that's not what you need for your equation editor problem.

As far as I can see it's not possible to assign a key to a custom superscript format (e.g. position 10% / size 100%), as the superscript default is a fixed 30%/66% and can only be changed manually. Assigning a key to the superscript function would always produce superscript with 30% position and 66% size.