The file for my scene is at the attached link.
You'll notice that if you are in Layout mode and type in the Top Line text layer, that after 40 characters it changes from the Top One Line as being visible to the 2 Line Headline being visible. In Sequence mode, this change never happens, and the Top One Line doesn't show any more than 40 characters.
I'd also love to figure out a way to hide the Top One Line and the 2 Line Headline if a bottom line is present. As of right now, if you add a bottom line, it shows the bottom line, and the orange bar, and the Top Line, but if that top line is more than 40 characters it will still show the 2 Line Headline.
Thanks so much for your help @bford !!
#XPression