I've had a number of requests from users of my InDesign to Photoshop layers AppleScript for editable text layers. I've posted a new version of the script, which places the ID layers as smart objects so the art layer vectors and text can be edited via a double click in Illustrator—not the same as a text layer but a big improvement. You can also choose to rasterize the layers in the options dialog.
I thought I'd start a new thread because the script is popular (the original thread has almost 40,000 views), and the most recent version is buried on post 88.
The new version is also a bit faster and no longer requires you to close all Photoshop docs before running.