Wow, Marc, that cleared up a few lingering issues I had been having in the back of my mind! I'll try your code on Mac, CS3, CS4, 5, and 5.5, and Windows, CS4 (only ;( -- I lost all of my previous installations due to an unfortunate system wide "updrade), and will report back with any inconsistent, consistent, or otherwise bizarre behavior.
Marc's code works Or at least, it does with CS4, both on Mac Lion and on Windows 7.
Anyone else willing to give it a go with the more modern versions? I got the general idea right so the image in my initial post shows what it's supposed to look like: without text and inactive, a <placeholder text>; with text or activated, the normal behavior.
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