So I was hoping that this feature would make it into Catalyst CS5. Is there any way to make text selectable? I opened the .fxp file in Flash Builder and it looks like it uses the rich text component. To create selectable text I would have to change all these components.
You're right, that is a bit of a missing feature. You can create single-line selectable text in Catalyst by creating a Text Input control and then making it non-editable (in the Properties panel's Component section, uncheck Editable).
To create multi-line selectable text, you will need to edit the code using a tool like Flash Builder. The best option is to change each RichText into a RichEditableText with editable="false" set on it. (The other option is to turn it into a Flex 3 mx:Text component, but this is a trickier change and this may lose some fidelity compared to the original RichText).