Created for ProE Wf5, but works for CREO 2 pretty much in the same way.
I've been using this on a few examples recently. Works great.
Even in Creo 2.0, you cannot create text directly. You still have to project the geometry from a previous sketch. I wonder what the thinking is on this.
Have a look at the clock file if you have Creo 2.0. It uses offset to create clock face text.
Clock - Art and Motion