You can use a TextField, set the text format as you wish, set selectable to false, etc.
If you want the hand cursor, just nest the textfield into a sprite, and set mouseChildren to false.
e.g.
var textButton:Sprite = getTextButton('Push Me!');
addChild(textButton);
textButton.addEventListener(MouseEvent.CLICK, function(event:MouseEvent){trace('click')});
function getTextButton(label:String):Sprite{
var txt:TextField = new TextField();
txt.defaultTextFormat = new TextFormat('Verdana',10,0x000000);
txt.text = label;
txt.autoSize = TextFieldAutoSize.LEFT;
txt.background = txt.border = true;
txt.selectable = false;
var btn:Sprite = new Sprite();
btn.mouseChildren = false;
btn.addChild(txt);
btn.buttonMode = true;
return btn;
}