It doesn't do everything (I don't have Pages '09 to compare) but this simple script seems to be an efficient way to search and highlight a word in Pages body text, text boxes, and shapes.
SG
property highlightColor : "red"
property highlightFont : "HelveticaNeue-Bold"
set searchWord to text returned of ¬
(display dialog "Highlight what word?" default answer "" buttons {"Cancel", "Continue"} default button "Continue")
tell application "Pages" to my highlightWord(a reference to document 1's body text, searchWord)
tell application "Pages" to repeat with i in document 1's text items
my highlightWord(a reference to i'sobject text, searchWord)
end repeat
tell application "Pages" to repeat with i in document 1's shapes
my highlightWord(a reference to i'sobject text, searchWord)
end repeat
to highlightWord(thePagesObject, searchWord)
tell application "Pages" to tell thePagesObject
set color of (words where it is searchWord) to highlightColor
set font of (words where it is searchWord) to highlightFont
end tell
end highlightWord