
I don't think avid-dreamer is writing
a novel. I believe he's writing a screenplay. And screenplays are almost universally written in present tense, not
past tense. (I am so totally NOT being snarky here.

)
And I really don't have an answer for a screenpay scenario myself.
My own possible answer is that if you feel very very firmly about the need to make the actor stress the pronunciation of a word in a bit of dialogue, then maybe put that word in CAPS, but not italics.
I actually have used a combination of italics and caps and bold for an entire clause in an action paragraph, because I felt that strongly that there was indeed a very distinct need to point out to the reader the fact that this was a very very important moment in the screenplay. I did it just once. One pro reader felt that my choice to combine all three formatting elements was a little heavy-handed, but he did "get" the gist of what I was saying.
But your scenario is not action it's dialogue.
Again, if you feel strongly, yes. If there's a possibility that your failue to use SOME kind of font/formatting emphasis might result in either the reader or director or actor TOTALLY misunderstanding that entire piece of dialogue, then yes, go ahead. But be very sparing about ever hauling out the italics. Maybe once or twice at the very most in any given screenplay.
::ETA::
Screenplays --even now in the 21st century-- are supposedly still supposed to LOOK like they were written with a typewriter --a sixty-year-old manual Underwood typewriter. So CAPS are still pretty much the ONLY "accepted" form of font emphasis (italics and bolds are still no-no's). While I think it's kind of silly to be so traditionalist about it, there is admittedly a modern/computer-age consideration for this font-conservative attitude: when you cast your script out of Final Draft (or even out of Word) and into a txt document, you will lose all those italics and bolds. But the CAPS remain blissfully intact as you morph from one document format to the next.