Whenever you're thinking of concatenating transclusions from fields or tiddlers, you're probably going to need a macro. Technically all that TW5 macros actually do is concatenate/substitute text. There are different ways of doing this. Sometimes you might set a local variable. In this case I moved all your code into a macrocall and then call it with the MacroCall widget, which can accept and pass the field values you want to the macro.
Note, you can't use "text" as a field in this context, because the "text" field is already used as the name for the contents of the current tiddler. This causes a self-referential loop and crashes the TW and, in my case, the entire browser. Besides, you want to use the text to form a single-line title. I created a "text2" field in which to put the text in the example below. You could, if you wanted, refer to the text field of a different tiddler.
HTH
Mark
\define myway(par1 par2)
<$button>
<$action-sendmessage $message="tm-new-tiddler"
title="$par1$ - $par2$"
/>
New Tiddler
</$button>
\end
<$macrocall $name="myway" par1={{!!date}} par2={{!!text2}}/>