Edit points in shapes and text box

I would love to be able to edit a text box (or any shape for that matter). This would allow text to be fitted to an object rather than only allowing block text.

I’m writing an ebook, and this would be a nice feature. Here’s a mockup of what I’m talking about (made in keynote). Unlike copy/pasting shapes, text boxes only paste into hype as rectangles.

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Thanks for the request!