Is there tool to rotate text to match the rotation angle of a line? It would be nice to have something that i could click on the text and then click on the line and the text would rotate to be parallel to that line.

Beside a LISP aligning tool you could also use an automatically aligned dynamic block with a text attribute.
The Contour block uses a similar approach:http://www.cadforum.cz/catalog_en/block.asp?blk=826