Yes, it is possible. Step one - assign identifier to Text object. It can be done by means of "yellow tag" button on toolbar of Advanced Text editor. If you going to use PangoScript then assign correct identifier - alpha numeric, no spaces and so on. As example "MyText". After that, look at Object Tree window, you will see your text object in there, and all its properties.
From script you can change text as:
MyText.Text="Hello!"
from OSC
/b/mytext/text and then string as argument of function.
This method work for many objects. General advice - assign identifier and see properties in Object Tree.
Regards,
Alexey