I was also looking for a PHP converter so that I could create an automatically good-looking text equivalent of my HTML newsletter. I tried several, and looked at the class you mentioned. Most used preg_replace with regex strings.
But the one I found suitable was version 2 of an html2text PHP script that uses a different technique: a DOMDocument. It worked great for me and that's what I'm now using. It does require PHP5. I would recomment you try it.
With regards to your UTF8 concerns, the writeup on the page I mention talks about it. Specifically it states:
PHP's own support for unicode is quite poor, and it does not always handle utf-8 correctly. Although the html2text script uses unicode-safe methods (without needing the mbstring module), it cannot always cope with PHP's own handling of encodings. PHP does not really understand unicode or encodings like utf-8, and uses the base encoding of the system, which tends to be one of the ISO-8859 family. As a result, what may look to you like a valid character in your text editor, in either utf-8 or single-byte, may well be misinterpreted by PHP. So even though you think you are feeding a valid character into html2text, you may well not be.
The author then goes on to give you several approaches to solving this, and then says that his version 2 script using the DOMDocument can output utf-8, whereas his version 1 could not.