Help with displacement map filter

Hi all… i am trying to make my text appear wavy using displacement maps. i’ve attached the file. Please check it out and tell me how to do the following three things with it:

[LIST=1]
[]i need to ensure that the text doesnt get cut at the top when it goes out of bounds.
[
]i need to create a gradient with more variations. that is, right now its going from 0x000080 to 0x0000FF to 0x000080. so i need to make it go like: 0x000080 - 0x0000FF - 0x000080 - 0x0000FF - 0x000080.
[*]i need to be able to vary the size of the gradient box so that it perfectly fits the movieclip that i apply it to[/LIST]how do i do it? could anyone please make those changes and attach the file back? or just tell me how to do it?