Hey I just read this so sorry if it's late in coming. As it stands, the answer is no you can not convert text to vector objects (although I freakin wish it did). After Effects belongs to Adobe who has pretty much mastered vector imaging and AE uses the same internal coding as the rest of the creative suite, thus the easy compatibility. I am afraid the next best answer is to whip out that good ol bezier pen tool and start tracing your text.
If you are looking to use vector objects in motion you CAN do that, like you can create your text in Illustrator or Photoshop and save it out as a PDF and Motion can understand that it is a vector. Sadly no vector points to control the shape of the text but at least it is scalable.
Wish I had a better answer for you. Maybe someone else will read this and tell me I missed something. In which case we both win!
Freelance Motion Graphics Artist / Editor