I figured it out, I had to make a few adjustments though. One thing that I could hardly find anything on was when using a mask with the createTextField you have to embed the font by copying it into your library. Then attach it on export. you can see it in action at
http://www.snakeshakers.com/snakeshakers_mv.html
var externalData:LoadVars = new LoadVars();
externalData.load("bio.txt");
this.createTextField("bio_txt", this.getNextHighestDepth(), 12, 31, 323, 20);
externalData.onLoad = function() {
bio_txt.text = externalData.bioText;
}
with(bio_txt){
embedFonts=true;
type = "dynamic";
autoSize = true;
border = false;
borderColor = 0x00FF00;
multiline = true;
selectable = false;
wordWrap = true;
}
var my_fmt:TextFormat = new TextFormat();
with(my_fmt){
font = "SnakeArial";
size = 12;
}
bio_txt.setNewTextFormat(my_fmt);
Peace
Mike