Nice thing about V3D is there are many ways to solve one problem.
Parenting to a vertex isn’t supported BUT you can still do what you need to do.
Here is a simple ways to move text when using shape keys.
Keyframing
If you are animating your shape keys via key frames you can just add another animation of the text moving to the location you need. As an example you have a board that is 10 inches long the text is at the middle of the board. So at frame 0 you set a key for both the text position and the shape key. The lets say at frame 40 the board changes shape to 20 inches long. You place a shape key for the new board length at frame 40. Move you text so its center on the board and key frame that at frame 40. Using the play animation play both animations of the board shape key and the text movement.
Puzzles
Using the Animate Parameter Puzzle you can use the updated value to drive the morph puzzle value. You can then also use this value to update the position of the text.
There are other ways to do this as well…..just two simple ways.
sample demo here: https://v3d.net/tt0
puzzles shown below.