Check out TextlineMetrix <http://help.adobe.com/en_US/FlashPlatform/reference/actionscript/3/flash/text/TextLineMetrics.html> and FontMetrics <http://help.adobe.com/en_US/FlashPlatform/reference/actionscript/3/flash/text/engine/FontMetrics.html> . Also Calculating Text Width In ActionScript And Flex <http://stackoverflow.com/questions/2916919/calculating-text-width-in-actionscript-and-flex> answers could help you to find a better solution. And Scaling Label text size to fit available area <http://blogs.adobe.com/flexdoc/2009/10/scaling_label_text_size_to_fit.html> .
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