Scott, even if Panorama had an option to disable a Text Edit object (which might not be a bad idea) it wouldn't really help your application. In your application, it sounds like you would need to have the enable/disable status change on the fly, as you move from record to record. In other words, simply moving up or down in the database I think you would need it to change from enabled to disabled. That wouldn't work if enable/disable was an option for the object itself, since the object wouldn't change as you move from record to record.
You can do send to back/bring to front under program control. Also, why stop there -- you can simply create the editor object when you need it on the fly! However, neither one of those techniques will get around the problem I mentioned in the last paragraph -- you almost certainly want the status to change without any programming. But if programming is ok, then you can make ANY change you want to a form under program control. Your program can start with an empty form and build the entire thing from scratch if it wants, and change it in any way at any time. I don't know if you ever purchased the training videos, but there was a 2 part session that covered this in depth.
For example, the Find/Select dialog works that way. That dialog is a Panorama form. When you press the + button to add another row, Panorama actually creates some new objects on the fly. When you press the - button, that row of objects is deleted. So this is a real world technique that actually works. By the way, an easy way to write the code to create a graphic object is to create it manually, then open the blueprint, and copy the code out of that dialog. The code is ready to use as is for creating another exact copy of the selected object.
You might take a closer look at what Dave is suggesting, that could be a good solution for you as well.