Wondering if (by some slim chance) a Text Layer can be autosizable just like an Image Layer is. Font height would automatically adjust as you resized the selection rectangle using the grab handles.
On closer inspection I found that setting TextOverflow to Shrink did indeed resize the font when the text selection rectangle is shrunk from it's original size. It does not work if the text is enlarged from original size.
Perhaps it would work if the text was 1st Maximized then set to the original size before layer is made visible ???