I don't think you'll find a one-size-fits-all script. I've looked. 🙂
The reality is that all forms need to be validated in different ways. You'll find that there will be times where you don't allow any HTML from a text area, and other times where you'll let some tags through. It varies. I'd recommend building some scripts that you can carry from project to project and alter easily to suit your needs.
Then again, maybe I haven't looked hard enough for the Holy Grail of form validation.