You can use animated Stroke on different layer, apply negative Matte Choker (more itterations if needed) and use that layer as Alpha Matte for your text layer.
Tried with Bulge, however Displacement Map seems to be better for this job.
Never tried it before, but effect is fantastic, gives lot of possibilities.
Just one quickie:
One JPG for background and one PSD for bottle is all of footages that is used. Some tweaking for water level movement and some speculars on bottle is needed, but, as I said, it was quickie.
Try without camera. Precompose all rotating layers in one big comp, then import that comp in the other and use it as 2d layer. Without camera in either composition. That should give you a flat look.