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Thanks for the feedback.
I'm not sure about your statement of "In Office 365 you cannot use SharePoint designer..." SPD is immediately available from the Site Actions dropdown, unless you're speaking about a specific scenario where SPD cannot be used.
You may also want to check out the SharePoint Online Developer Resource Center if you haven't already:
The public web site has the same custom stylesheet option as OLSB had. But I agree with you some clarification is needed on whether or not SPD can be used to create public pages. In fact some clarification on the whole Sharepoint/public issue is probably more pressing than information on team sites, since that's likely going to be used a lot more than team sites.
I'm no expert, but have used some CSS with OLSB (works the same in O365). You can access the default CSS for a starting point, there is a link to it in the Style Sheet, just above where you enter the code.
I created the following guide for OLSB and most of classes seem to still be the same. coderightdesign.com/.../CSS_Guide_OLSB.pdf
I have also created some OLSB custom themes that can jump start your design: coderightdesign.com/themes.aspx
Hope that helps!