Why use an external plugin when the language already offers what you need? I think the C/C++ method of arrays is far better than actionscript, it's much faster and more logical.

Use an array just as heinekenbottle suggests, only without the superflous wait(). When you need TEXT* well then use an array of TEXT*.

Code:
TEXT* texts[128];

function goThrough(var number)
{
	var i;
	for(i = 0; i < number; i++)
	{
		texts[i] = txt_create(1,0);	
	}
}