target objects created dynamically in library items

In my library I've got a movie clip. Completely empty, just containing this code:

Code:

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var myText:TextField = new TextField;
addChild(myText);
myText.text="old text"

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Then from the main timeline I add this library movie clip which places it on the main stage and the text appears

Code:

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var Clippy:textfieldpadding = new textfieldpadding();
addChild(Clippy);

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But now I want to change the text of that textfield. Which is inside the just placed library movie clip. But this gives an error:

Code:

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var Clippy:textfieldpadding = new textfieldpadding();
addChild(Clippy);
Clippy.myText.text="new text"

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Cause it has no clue what 'myText' is from the main timeline.

How can I target a textfield, or any other object when it is all dynamically generated and as a movieclip inside the library?

Timing issue...

Code on clip

Code:

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var myText:TextField = new TextField();
myText.name = "myText";
addChild(myText);
myText.text = "old text";
dispatchEvent(new Event (Event.INIT));

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Code on main timeline

Code:

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var Clippy:textfieldpadding = new textfieldpadding();
Clippy.addEventListener(Event.INIT,doText,false,0,true);
addChild(Clippy);

function doText($e:Event=null):void {
        Clippy.myText.text = "new text";
}

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