Can I make a font material for TextRenderComponent that functions like a billboard sprite?

Nice. I set the (X,Y) scaling of the text to N / Pythagoras (Camera Location - Text World Location). It gave me a decent look anywhere I was in the map. Adjust N to your preference: the smaller N is the bigger the ratio. Of course, the further you are the bigger the font seems to be next to a little character, but its the same size whether near or far. Thank you to both answers.