This way is only with the map api
1)copy the text
2)explode the copied text to plines (express tools)
3)clean the plines to break all crossings
4)create a network topology
5)create a buffer topology
6)delete the network topology
7)replace it with the original text
8)hatch the buffer to suit.
There has to be a better way!
Can't figure how to show the bmp. Its pretty ugly anyway.
*edited link and image file - keb*