How can I scale and fit text to a shape in flash?

Question

I have a Flex layout with some fixed size boxes into which I want to display text. However the text length is very variable, so it is necessary to scale, wrap and possibly elide (using ellipsis) the text.

The basic algorithm needed is:

fill bounding box with text, scaling font size to fit
if font size < minimum
    set font size to minimum
    re-wrap and elide excess
display

I've looked at the Text Formatting Engine in Flash 10, but there doesn't seem to be any way to do what I need.

The text is currently Latin characters, but will need to be internationalized at some point. Does anyone know of an existing library that can cope with this? Or how have others handled pouring text into a fixed-size container?