Wow, looks beautiful, would love to see a video! And yes, it's always a good idea to have effects baked-in to the sprite textures rather than use shaders wherever possible - it runs much faster, and lowers the system requirements too.
Since DirectX sucks at drawing text, the next build has a 'smart text' shader which helps a bit, but if the text never changes, you could just photoshop the text in to a sprite texture (then you can have other text effects and processing too). 0.99's VRAM controls should make the memory overhead negligable.