I would go down the embedding route, granted the file size will be a bit bigger, but it will give you a lot more freedom in the long run.
Breaking apart works as well, but you will not be able to change the text easily afterwards, and especially if you want to dynamically load in content (via
xml for example) later on then embedding is the way forward.
To keep file-size low I would suggest you embed:
Upper case
Lower case
Numerals
Punctuation
With respect to sIFR, I am still waiting on a scaleable version of it for text-increase and decrease
