For the text, create a Photoshop document with a transparent background and of a size that will accommodate the text at its largest size with a good amount of elbow room. Create a new empty layer, then use your text tool to create the text. Add shadows or whatever effects you want.
Stop and save this as a Photoshop document so that later on you can create new text with the same style.
Just in case you screw up, dupe the text layer as a back-up and click the eye to hide it.
Click on the visible text layer and hit command-e to merge this with the transparent layer. With that layer selected, select all (command-a), then hold the command key and hit an arrow key. (This will isolate your selection to just the pixels containing image data, which will include the drop shadow - if any.)
Select Crop from the Image menu, the select Save For Web from the File menu (command / option / shift-s).
For best image quality, select PNG24 and save it.
For a lightweight file, you could output it as a GIF / 256 colors / adaptive / transparency / dithered but unless you shrink it down onscreen within Hype it will look pretty awful. (Use the zoom tool in the Save for web interface to see what I’m talking about.)
Now you can use the auto-scaling tools in Hype to resize the text image just like the photo.