I had a similar problem, but I preferred to use openGL 3+, hence my own shaders.
This makes the text problem even worse, since most existing text libraries use openGL 1.1.
I ended up making my own font loader, that could load bitmap fonts generetated with a simple tool.
You can find the tool here:
http://www.angelcode.com/products/bmfont/Once I had the exact location, texture coordinates, etc. Drawing the text was no hard thing anymore.
If someone wants I can post the source code of that loader with an example writer and small test code.
The most use full thing about it, is that it is easy to port to JOGL and even other languages, as it only makes use of openGL to load the textures.
Rewriting the texture loading should be a matter of copy/pasting some code.