Hi!
Yes, "a quarter pound of tea" is a correct phrase. However I want to make sure you are understanding the numbers correctly because "a quarter pound of tea" and "one and a quarter pounds of tea" sound the same but they're very different. So just make sure you're paying close attention =)
1. one pound and a quarter of tea = Technically correct, but sounds awkward
2. one and a quarter pounds of tea = Correct, this is the one that sounds the best
3. one and a quarter of pounds of tea = Incorrect, you don't need "of" between "quarter" and "pounds"
4, a pound and a quarter of tea = Correct
5. one and half pounds of tea = Correct
6. one pound and a half of tea = Technically correct, but sounds awkward, "a pound and a half of tea" sounds better
Good luck!