If you mean a typewriter style effect, then yes it's possible but it requires scripting. Simon was planning on implementing text draw in effects into VS at some point, but I don't know when he will get around to sorting that out, so far now unfortunately the only way to go about it is via scripting.
Anyway, it's a little complicated right now as you need to store the actual text inside of a variable or table array & then you need to hide the original text & redraw it with Lua draw while slowly increasing the range of the text that is shown or by taking the stored text & sticking it in another table one character at a time which Lua draw will be using to get the string data from that it is drawing on the screen.
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