Pot Noodle
Please find attached a couple of examples:
".Scroller.bmx"
This is your original version, changed a bit. I've left it using your glTranslate character positioning method, which limits the waviness of the scroller a bit. I've added a couple of bits for texturing and colouring the text.
".Scroller2.bmx"
Similar to the first version, but uses X/Y offsets for positioning the characters rather than glTranslate. This is a more flexible way of doing things and allows us to generate a smoother scroller. I've added a few "things to maybe try next" notes in the source that you may want to have a look into.
Both versions have quite a few code comments, so you should be able to follow what's going on. Please gimme a shout if anything isn't clear.
This is the first time I've used BlitzMax. I quite enjoyed it

Cheers,
Raizor