I figured out how to get paragraph text by manually editing the cgxml file.
First, import the PSD image into TriCaster. Then use the Export button (bottom left corner of title editor) and save out a cgxml file.
Now open the cgxml file in a text editor.
The data is XML formatted, and you will find lines that start with <ccg:CGText followed by a bunch of parameters. You will also see the text in the title on the line in question, so you know where to edit.
Scroll to the right on that line until find the parameter named
IsParagraph="False" and change this to "True". You will also need to add a set of
Width and
Height parameters to define the size of the text box (I'm thinking these values are in pixels, but not 100% sure). Save the cgxml file.
Load the edit cgxml back into TriCaster and it will have text box that word wraps what is entered inside of it.
Here is an example of how my cgxml file looked after making these adjustments.
If I can figure out a way to do this directly from Photoshop I'll update you, but so far, I've been unsuccessful (but I'm also not a Photoshop expert).
This certainly isn't an officially sanction method, use at your own risk.