This effect is quite simple: for each font you got an animation -> a simple x-axis rotation.
All font are stored in memory like this:
font 1, angle 0
font 1, angle 1
...
font1, angle 180 (this effect is just making a 180 turn)
font2, angle 0
font2, angle 1
...
and so on for all the fonts.
Then you have a sine wave for the whole scrolltext x axxis. And depending the value, you take the line of the font rotated associated to the scrolltext line position. (the value give the x-axis, and the angle)
This effet can be done even on Atari ST with pure 68k! Precalculating is good for you!!!