Bouncing against screen effect?

I want to do this effect: I’ve an object which comes from background to front fast, it “hits the screen” (or an elastic invisible wall) and bounces a couple times. to achieve the “elastic invisible wall” effect, it has some text written. Now, I already made the effect with frame by frame animation, but to do it I had to make some sprites with the text layer being spherized in photoshop. As you can imagine, the quality is not as good as you’d like.

I’m working it again but doing the frames with Freehand MX to have a better quality (and a ****load more time spent for a result I don’t know if it will work) So, is there a way to do this with AS and save some valuable time and at the same time have better quality?

TIA