Don’t know of any native solutions and didn’t find readily available basic scripts either. If your goal is to make the text smaller, you could just go with Pan/crop and copy/paste that.
But luckily there is a tool that could do exactly what you’re looking for – Vegasaur. You can install it for free and you get a 30 day trial period without any restrictions.
After you install it, it should appear as a new icon at the very end of the top toolbar. Select your text media, click on the new Vegasaur button -> Effects -> Titles & Text, a new tab should appear and in there check and set the new parameters and click apply at the top right corner.