Things that jump out at me are the triggers within triggers, like TextActivator: On destroyed within the Playerbox: Is overlapping TextActivator event. I'd move that out. Also the second redundant PlayerBox: Is overlapping TextActivator which you can delete.
I recommend an Else in between the System:Textactivator = 1 and System: Textactivator = 2. This helps alleviate some common gotchas and IMO is more readable.
Actions like Hippy: Set Visible, titktext: Set Visible, textbackground: Set visible seem to happen whatever Textactivator is activated, so just put them once, at the Playerbox: Is overlapping TextActivator event. Same with the "set Invisible" actions which can go once at the end.
I know these aren't directly related to the Text issue.
Having said all that, you should look at factoring out all the common code into Function(s) at some point. Or look into using Arrays to store your text, and index into the array with the Textactivator variable or similar.