Don't know if the version you are working with has this ability, but there is a visible logic option for text called WordWrap -> Enabled. You could essentially compare the bounding box width of the text (not scaled) with a pre-determined value for width that would decide whether to enable word wrap or not. If this option isn't available in visible logic, I'd assume the scripting method is TextObjectName.WordWarp.Enabled = true/false???
#XPression