I'm adding this here as it is helping me understand OpenToonz features and how best to approach usage.
In my initial query of this topic I mistakenly referred to the Type Tool as the 'text tool'.
While this might not seem to be much of a difference I'd say it is from several views.
Specifically is that while text is used in the Type Tool it is converted to vector shapes almost immediately and so the name "Type Tool" is definitely more appropriate. Once we have the 'type' it can be modified and reused but not edited as text. (As Herbert outlined before)
The Type Tool is an extremely powerful tool so I don't want to suggest otherwise in my search for a tool for editing and updating text for use with OpenToonz.
The bottom line being that most animated content doesn't rely on text as is the case with comic books, comic strips and web graphics.
Short of a feature being added to OpenToonz that would more closely deal with the requirments of editable text I'm looking at several alternatives, the first being inside OpenToonz itself but most being that of using an external program to add the textual elements as a post production process. The first two areas of interest I should explore first but I'm not sure I have the knowledge or funds to do so at this moment.
1) Scripting
I must assume the Type Tool can be used with scripting and as such could prove useful in adding editable text.
2) Toonz Story Planner (a Digital Video product)
Because I have not used it before it is not clear to me how fully integrated the Story Planner software is with Toonz Harlequin (Now Toonz Premium) and OpenToonz.
If text from storyboarding can be propogated into OpenToonz then use of Story Planner may be worth exploring for that purpose. As a part of my interest in the use of text is to rapidly layout a production the use of Story Planner is certainly a useful product. I'm just not sure at this point how useful it might be with regard to workflow with editable text that might survive from the earliest stage of pre-production until the release if the final product.
Other approaches that rely on external programs are already proven to work but are hit and miss with respect to a full solution.
I mentioned before the use of Blackmagic Fusion and that is the most likely solution for me at this point. This is especially true as Fusion is a powerful program I think everyone should have readily available.
I did run an interesting experiment with the freeware program Irfanview where I used it's text overlay capability to create a fairly editable image overlay for use with Opentoonz.
And of course there are almost as many external programs that can be shoe-horned in to the process but exploring all of them runs a bit too far afield for current purposes.
So, as I'd like to keep the workflow in OpenToonz as much as possible, scripting as it relates to the Text Tool is definitely something I need to explore.