That's a very ambitious aim and would no doubt look excellent if done well. However, I've not seen any FX or Titler that can easily do this in Vegas Pro, daVinci Resolve, HitFilm Pro of Vegas Effects (a cut down version of HitFilm Pro that is a composite FX program that comes with Vegas POST). Maybe After Effects can achieve something like what you are seeking to do - others with AE experience will be better placed to advise. But ouch, entering Adobe's subscription only world is not liked by many and would likely cost you more than the amount that you would have paid for Movie Studio.
But from another more salient point-of-view, it's not so much the NLE being used but rather the Titler being used. The titler in Vegas Pro and the now discontinued Movie Studio is very basic compared to other 3rd party titlers, so achieving your desired result in the inbuilt titler would be immensely complex and tediously slow. The only titler that I can think of that would make the task a bit easier is NBFX's Titler Pro - https://newbluefx.com/products/titling/titler-pro/ - but even with Titler Pro it would still be a project for the bravehearted. The advantage is with Titler Pro is that it allows for multiple titles on its timeline along with in/out points for each timeline title - and it has inbuilt FX that can be applied to specific titles on the timeline.
Titler Pro has a trial version if you want to try it out.
Former user
wrote on 8/7/2023, 6:34 AM
@GeorgeM Hi, as mentioned it's not easy with the tilers available but there's a free app called Particle illusion that will create like a Matrix falling letters type effect. It's not easy (or possible) to choose which letters show or which letter it fishes on so in this example I keyframed a mask to reveal the final wording/lettering on a separate track,
I used the plugin version but there's a way of showing the text on the free standalone version.