How can I best fit Text on a single line without wrapping?

I have a text object whose string is data driven and length is a variable length. What I am trying to achieve is have the text always be one line and fit inside the bounds of the rect. Ideally it would default to one size and then scale down to fit the bounds. I am using the best fit option and have tried every permutation of overflow/truncate and none of the results end up doing what I want. Either the text wraps to a new line or it defaults to the max size and overflows outside the bounds of the rect. Is what I am trying to do possible with the default functionality of the Text object and layout properties?

You are using Text.resizeTextForBestFit and Text.resizeTextMinSize to enable this behavior? And Text.verticalWrapMode?