This "fly-in" and "smear or blur" type effect can be done in Vegas using ProType Titler. Learning how to do it would be very instructive if you have not used ProType Titler before. NewBlueFx or other third party titlers no doubt have presets that will do it.
For something like that there's 3 ways I can think of:
1) do everything in protype & keyframe it all (you can keyframe blur, movement, etc).
2) do it with normal text & use various FX (like the blur) applied & KF'ed to it to get the same effect.
3) do it with seperate events of PT or standard text & do them seperatly. The only advantage here is that if you want to adjust just a blur or motion you don't need to worry about accidently messing up the other part.