This would be excellent. This combined with the ability to style the text with something like bbcode or basic html or something would be warmly welcomed. Bonus for the ability to set a different font for portions of the text would be lovely (usually the system-bolding of a font is less pretty than the bold variant of said font).
My one additional request is that you'd have the ability to set the line-height of this multi-line rich-text object. This would eliminate the need to have 2 text objects just because the line-height is too tall (in cases where you want the lines to be closer together.)
I think that what you are looking for is called "Kerning". I used this function in some sign making software I used to use. You could not only adjust the grouping of the lines of text but you could also manipulate each letter in a word to make the tiny text clearer to read. This would be an excellent addition to WatchMaker.
Kerning, strictly speaking, is a set of rules that dictate a difference between 2 character for a given font. As an example, it will decrease the distance between an upper-case W and an upper-case A, so the bottom left of the A is underneath the top right of the W.