I saw it a little differently then Larry though his is a very good way.
here is a video of adding an effect and making that a shape.
You can actually alter the three convert shape effects as well so in some cases the shapes need not be the standard shapes.'
BTW if you group objects and hold the shift key while using the selection tool both the text and object scale proportionally
That is a neat effect! Not exactly what I am after, though. What I was looking for was a way to have two objects scale independently but move together.. I think I may just have to affect them serparately, though.