I'm here today because i'm looking to see if the feature exists because I need it. But, in practice I guess it doesn't make a huge difference. I've always kind of wondered why there isn't just a single text tool with the option to switch easily. To me the "complicated" part is deciding in advance since I very often change where and how many lines, etc... I'm placing the element. I often start as paragraph because I have several lines and then later want to treat the separate lines as their own element. So it seems like just making text, and then deciding/changing how to treat the text later, fits better with my flow.