Put a text editor capacity in Paint Mode for images

As of now we have no manner of adding text to image editing. Possible solutions:

1. One could add a text option to the texture editor, to allow textures to have an editable text layer in the UV space. This would allow sharing all the capabilities of adding textures to image brushes with adding text. This would be great as it would add text to many tools.
2. One could use a text object and give it the capacity to bake into a texture via projection, with the usual mixing modes, add, darken, screen, difference, etc..
3. One could simply employ layers as in most editors, by adopting code from other open source projects like Krita or Gimp, and make a text layer.