Hi Cameradan,
I was exploring some ideas. Even I think this is a little bit—kind of a—hack-liteā¢ ;o)
It should work, I rendered it and it didn’t show any problems. The solution works for up to 202 letters.
It is an idea and it needs to be tested carefully if the stuff works.
You can move the MoText or the Letter XY to adjust the center of the Background box if needed.
(XPresso: The first group sets it back [red label], the second explores the letters [green label], and the third creates the Bounding Box [blue label])
Image 2:
Moving is possible, rotations not. If that is needed, place it under a new Null and swtich this off (visibility and render), then take the first child Null into an instance, [see image].
Have fun.
Sassi