You can do that with html. I also do courses. I usually create an array with the data I need and then update the text boxes with that data.
You can use any event on your text boxes too.
Let us know if you need more guidance and example files.
In order for text to have an action posted to it, you will need to have only the text you're clicking to be in its own text div. There is no way for you to isolate one word in a paragraph in a text div and have that display. You could always try putting together a hit point of a transparent div, but since the text will flow differently depending on the user's zoom settings, etc., it's not a good solution.
Hope that helps,
I guess I did not quite understand the question.
It seems that trunkating the text would work best in this case but again it seems a little dangerous considering the many possible resolutions and zoom settings as you mentioned. A different approach may be needed.