Thanks to Bill Hunt and his article and tread about corrupted fonts, I was able to find a solution. Actually, it wasn't a font problem it was an obscured ppro 5.5. file that was bad. Bill included this in his thread. The file: "workingset.prsl" found in mydocuments/adobe/premierepro/5.5/styles folder.
I first moved the file out of the folder and started premiere pro 5.5 titler. It started fine without any issues. I was able to open my previous projects that involved titler that I was not able to open before. The file regenerated itself in the styles folder. I can delete the old prsl file.
Great news, and thank you pointing to the exact problem.
That will very likely help others in the future.
Appreciated, and good luck,