I asked thesame thing about loading template from XML and was told it isn't supported. See the following thread:
. My work around was to build the template item in the ribbon loading event and add it to the proper group by locating the group with the FindGroupByValue("") method on the ribbonbar.
I can't answer your questions about the button with just text and wrapping of that text. Sorry.
the text is rendered into a span. It might not be possible the way the ribbon is rendered without overlapping the next item in the ribbon.