Ignore stationery fonts

There was an option to ignore stationery fonts in the older versions of Outlook via;
Tools-> Options…-> tab Mail Format-> button Fonts…

This dialog seems to be removed in Outlook 2007.
Is there still any way to set this option?

There is no UI option for that available anymore indeed since Outlook 2007. You can still manage this setting via the registry though;

Key: HKEY_CURRENT_USER\Software\Microsoft\Office\<version>\Common\MailSettings
Value name: ThemeFont
Value type: REG_DWORD
Default value: 0

Possible values:
0: Use the font specified in Stationery (if specified)
1: Use my font when replying to and forwarding messages
2: Always use my fonts

Note: For more information about how to implement these changes into the registry, see this registry guide.