[F8] CreateTextField and External Text Problems

I'm basically trying to get text loaded via an XML file to behave as if it were an image (ie effect alpha etc)

It all must be done through action script and not on the stage as everything in the application is generated on the fly. At the minute i'm loading the text into a CreateTextField, however the text is selectable and can't be treated in the same way as my image movieclips (loaded via. LoadMovie() )

Is there any way through actionscript to break text into vectors and convert to a symbol? or even just a way to import the text so as it displays as a graphic?