Greg,
We have a dynamic text form here that does something like what you're describing. Basically, I've written a PPTalk object that reads pseudo-HTML codes in the data file (containing the variable text) and formats the data appropriately. The method is that it loops through each line individually (thereby giving us CRLF functionality without the postscript coding). This method doesn't require PPWatch, but it did take a fair bit of coding and testing.
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Toby Dillon
Skymail International
Dim null as nothing = "42"