I think the way I’d go about it would be the scanned text approach. I’d take each image that I need to transition to and arrange my scanned text in After Effects over the image in the shapes of the darkest parts of the image since that appears to be where the text fades to. Separate the various scanned type layers in z space while you arrange the text layers. Then it looks like you just fade the opacity up randomly until all your scanned text is fully opaque. About the point where the text starts to get really dark and fill the screen you’d fade in your first image. Then to transition to the next image it looks like you need to adjust the position of various scanned text layers to match the dark areas of the next image.
It’s a pretty basic approach, nothing too complex. Focus on scanned text layers distribured in z space to match the dark areas of each image you’re transitioning to. You’ll naturally have motion with the text layers after the first image, so you’d need to give the first batch of text a movement to keep that look consistent.
Hope this helps!
Oh, and I learned yesterday that when you scan your stuff in Acrobat using the grayscale setting, it will create a PDF with just the darks on the page and make a transparent image automatically for you. That might save a lot of time scanning in the text.
Jason Jantzen
vimeo.com/jasonj