The script is coming along. Here are some of the features:
Left,Center and Right justification.
Layout standard or on a curve.
Per-Word or Per-Character object generation.
Full font and line spacing.
Separate bevel and extrusion for cap and base.
Effector support that displaces LOC/ROT/SCALE.
A material for each variation in the font. Base,Cap,Effector Inner, Effector Outer.
Continuous update from GUI or frame change event.
The font object in the image were all generated, placed, textured and animated by the BlendText script.
The script is released here: