llSetTextOffset(vector) - offsets display text on an object.
Course you could just add another parameter to llSetText instead
Not sure if this would be abused or not, if you expect it would you could always limit the max offset to like a meter or something small like that.
Reason:
I don't know how many times know I wished I could reposition the text so that it wasn't cutting into the object as much...
Workaround:
Creat a small clear object with set text on it and repostition were I want it and link it up (that does work by I would like to spare the extra expense
)