Yes, it's possible to create wiggling text. My suggestion would be to do it with layercycling.
Essentially, you make the text on an Illustrator layer. copy the text into another layer, deform it the way you want, then use Illustrator's tweening tool to create the desired number of intermediate steps. Put each of those steps on individual layers. What you're creating is an electronic "flip book." Each layer in Illustrator is like a page in the book. Going from layer to layer at speed will give you the illusion of text that deforms over time. The frame rate and number of frames determines how long it takes.
Well, it does help, but I don't think I have the time to pull it off. I will have several words, so doing this to each letter will take some time. I also have to make 4 or 5 versions with different text (ex. plays of the year, halftime report, ect) all in the same look.
So I will rethink my project and see if I can aim it a different direction.