So, you want a way to identify a Text entity, other than the available properties of the Text entity, such as its textual content, its layer, its style, color, position.... Well, making it a block (AcadBlockReference, not AcadBlock, hope you do know the difference between them) is a way, but an odd way: instead of adding a single object (Text entity) to the drawing, now you need to add 3 objects: a block definition (AcadBlock) with unique name, a Text entity in the block definition and a block reference showing the text, and you have to make sure there is only ONE BLOCK REFERENCE to the block in order for using the block name to identify the text making sense. So, the idea isn't good one in most cases.
As for creating a block from a text entity (or any type of entity. for that matter, you simply create a n AcadBlock, and then add the entity to it, and finally insert block block;
'' Create block definition
Dim blkDef As AcadBlock
Set blkDef=ThisDrawing.Blocks.Add([insPoint], "TheBlockName")
blkDef.AddText "text content", [inspoint], [height]
'' Create block reference
ThisDrawing.ModelSpace.InsertBlock "TheBlockName", 1, 1, 1, 0
Not know what is your purpose for such an idea, I guess what you actually need could be a block with single attribute, which can be identified by block name, but the "text" (AcadAttributeReference) user sees could have different content.