I’m not sure what the E! effect looks like, but it may work something like the new tutorial Eran Stern did called “Tornado Text – Part 1”.
He created a mask path in Illustrator for the shape he wanted the text to move in (a spiral, in his case).
He imported the mask to After Effects and attached the text to the mask.
Then he enabled per-character 3D for the text, and then adjusted the mask in 3D space so the text spiraled up and around the actor.
I’m sure this could be adapted to what you need. I couldn’t find the tutorial on the COW, but it showed up on iTunes yesterday or the day before.
Nate