Storing word bubble text

I’m working on a little game. The machanics are fine, but I’m curious on the best way to work the “cut scenes” between the action. This will involve some “text bubbles” for the conversations.

I guess there are several ways to do this. I could actually make frames for each conversation frame, leaving the text drawn on each frame. I’m tending towards this method, as I can see it all as it should be layed out.

Is it worth it trying to store all the text in a sperate file that is called upon when the text is needed? I have seen this done in many other games (non-flash), but in those games there is quite a lot of text.

Is there other ways that are better/easier?

Thanks for the help.