One way I found around this is to create the text on a popup layer over the top of the base layer. In order for the text on hover to look right and not show the edges of the text below it, you need to add a little rectangle behind the text on the popup layer. That rectangle should match the color of the area that surrounds the regular text on the underlying layer.

So, if you have a green background with white text on the mouseoff layer, on the popup layer, create a rectangle just big enough to cover the text underneath it and color it the same green. Now you can create your text (copy and paste in place from below) and color it the hover color. Then make sure to select the text on the mousoff layer and choose to have it show a popup layer on mouseover.

Your text remains text AND the hover effect looks right.

Not the cleanest thing in the world, but it works. Would be nice to have like 2 or 3 sets of colors for links, but this will get you around the issue with a LITTLE more work.

Hope this helps and presents another option.