There is not way at the moment. You can transform the text layer with:
Translation, rotation, stretch, spherize, twirl, warp, curve warp, noise distort (this has some render issues if the text is inverted) and apply any of the existing filters.
You can animate the text parameters, even the text parameter itself and also can convert any other parameter to text parameter.
What's the effect you exactly need to need a vectorized text? i would like to have the text to shape option too but I don't understand the code very well yet.
Btw, can Inkscape do it? because I've tried to do a Inkscape text->SVG->Synfig import and it doesn't import anything. Texts are ignored I think. Unless there were a way to convert text into paths within Inkscape...
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