This is a fast variant. I only took the text in English to simplify my own understanding:
coord[t_] := {Cos[t]/(1 + Sin[t]^2), (Sin[t] Cos[t])/(1 + Sin[t]^2)}; str = "you are my only real love"; lst = Characters[str]; Manipulate[ lstText = Table[Text[Style[lst[[i]], 16, Red], coord[(Length[lst] - i)/n]], {i, 1, Length[lst]}]; Graphics[lstText], {{n, 8}, 5, 40, 1}]
looking as follows:

Just play with the slider. Or like this, if you want the line on the background:
Manipulate[ lstText = Table[Text[Style[lst[[i]], 16, Red], coord[(Length[lst] - i)/n]], {i, 1, Length[lst]}]; Show[{ Graphics[lstText], ParametricPlot[{Cos[ t]/(1 + Sin[t]^2), (Sin[t] Cos[t])/(1 + Sin[t]^2)}, {t, (Length[lst] - 0.5)/n, 2 \[Pi] - 0.1}, Axes -> False] }] , {{n, 8}, 5, 40, 1}]
giving this:

Have fun!