Here is a bit more

Code:
(setvar "osmode" 0)
(setq somedistance (getreal "\nEnter offset distance"))
(setq en (entsel "\nPick text"))
(while (/= en nil)
(setq a (entget (car en))) 
(setq ang (cdr (assoc 50 a))) ; angle 
(setq txtpt (cdr(assoc 10 a))) ; insert pt
(setq txtht (cdr (assoc 40 a))) ; text ht
(setq acttext (cdr (assoc 1 a))) ; text content
 
(setq newpt (polar txtpt somedistance ang))
(command "Text" newpt txtht ang acttext )   
(setq en (entsel "\nPick text"))
) ;end whilextht
just copy and paste the code into notepad and save as a lisp file, it still needs some debugging and will only work with plain text styles not preset height etc. But its a start.