It's possible to create certain things with Lua script, but in general I don't think it's a good idea as the data/action parts/events/conditions/values, etc that you create in the editor get saved as xml data in the ved/vis files & in the save game files.
You can however do a lot of stuff with Lua script itself as you can read/write 100's of existing parameters/tables, & there a lots of built in exclusive functions available too; now with that said, Simon is currently working on programming a custom scripting language for Visionaire, that should be a lot more flexible/faster than Lua script & will eventually completely replace the current Lua script system.
Display texts you can't do via Lua script, but you can display texts via Lua draw. Animations/actions you can call/play/quit/stop via existing functions. You can move objects/animations with Lua script as well - immediately, or tweened/transitioned over time with the to() function, which also supports looping, pendulum looping, & easing.
Anyway, to answer your question in regards of trying to bend the system to do things it was never intended to do... I do this all the time. I'm very good at figuring out workarounds/solutions to things that were not intended to be done with the engine, but you have to take into consideration that this engine was built with a strong emphasis on visual development as opposed to scripting/programming, because the engine was created for artists/non-programmers/scripters - the engine didn't even have any scripting/extensibility support until Visionaire 3.x, as far as I'm aware.