Thanks for all the replies.
Two things I've found. First, running Jeff's code as written does not give in-place display for me. If I change TEXT to DTEXT in Jeff's code I get the in-place display. This seems a bit strange since the pgp file lists DTEXT as an alias for TEXT, and says that DTEXT was eliminated in 2004.
Second, the TEXTED setting changes how the TEXT/DTEXT command works. I've had TEXTED set to 1, which in 2011 and earlier let me enter a single line of text (no pressing Enter on an empty line to exit). In 2012 with TEXTED set to 1 the in-place text is actual size but the arrow keys do not work, and I have to press Enter on an empty line to exit. With TEXTED set to 0 or 2 the arrow keys work, but the in-place text may not be actual size. My preference is in-place, actual size, and one line only since at least 80% of the text I enter is one line only. For me they had it right when TEXT and DTEXT were separate commands.
I tried the macro approach. The problem there is that the command is not encapsulated. If you repeat the command (I have Enter set to repeat the last command) you get the basic TEXT command, not the full macro.