Q: How can I show the text and then hide it, using ActionScript ?

A: The TxEff component has the show() and hide() methods which do exactly what their name says. Further more, there is the transitionEffect() method which can receive a String parameter representing the transition type ("show" or "hide"). You can use any of these methods to apply a show or hide transition on the text.
The example, uses both methods.
Files: TxEff_ShowHideAS.zip