I do not see a way to do it within the text box.You could give the text element a name, and then access that text element within a python script and change it with string / list functions. I use the following snippet to alter a text element in my layout view:for el in arcpy.mapping.ListLayoutElements(mxd,"TEXT_ELEMENT","SSPA_Tag"):
ToPoint = string.find(el.text,"_",5)
el.text = "SSPA_" + bkmk.name + "_" + ChemName + "_" + Today.strftime("%m/%d/%Y")
OutText = el.text
You could similarly use el.txt = el.text[:5] to return the first 5 characters.Best Regards,Jim