Fonts are a complicated beast. For a given text, you can find the string length and calculate the maximum allowable font-size very simply using the following approximate formula:
var max_allowable_size:int = yourLabel.width / yourLabel.text.length;
This could lead to serious issues for some fonts, namely:
- Remember not all fonts are equal i.e. they cannot all be resized gracefully.
- Anti-aliasing may break
- Fonts may not look good/text may become illegible
- The above naive formula will probably break when applied to non-roman characters
- Also, this is an inefficient way.
I would rather suggest that you define two different styles, one regular and another fallback one with font-size set to the smallest, which you switch to when you encounter longer label texts. You can calculate the threshold limit to switch by using the default font-size on the above mentioned formula. Of course, some experimentation is in order, if you have to support localization/multiple languages.
Finally, always embed the fonts if you are going to use anything other than the most common fonts.