Why not a text FX?
Why does it have to be gen media that needs another track?
Odd thing is the TC FX does generate text, so it can be done and it seems to me it might be a simple way to provide text that more meets the needs of the masses.
Hmmm. I can see the point and agree that it would be very doable, but i'm not sure i see the benefit. I suppose it might come in handy once in a great while with the studio version which is limited to 4 tracks. But i don't see how this would be any better than using a separate track. It also wouldn't be useful in cases where the only thing in the picture is text, since there wouldn't be an event to attach it to. In those cases you'd have to create a text event. While there's no downside to this, i don't see any real upside either.
On the other hand, taking a little stretch and pondering a moment since the previous paragraph ... i guess in one situation it might become a wonderful Grazie-toy. Imagine chaining a bunch of text effects together, with different text, colors, motions, fonts, keyframes, etc. You could have multiple layers of text stacked up in an event on a single track! So ... yeah, maybe you are onto something. Then again, this could already be done with a nested .veg file too.