There is no good and easy way of replacing it. This was a very rarely used feature, and I deemed it not worth the engineering time to replicate it in Panorama X. (Please note that “rarely used” doesn’t mean “never”, I’m sure a handful of you will chime in that you have used it.)
My first suggestion would be to review why you were using this and whether you need it at all. Perhaps some other technique would work better, like a tab panel.
If you feel you really do need to suddenly create a text editor out of nowhere, Panorama X does allow you to create Text Editor objects (or any other kind of editor) on the fly in a program. This isn’t quite as easy as floatingedit but it’s not too hard.
Well, as I was typing this answer Gary Yonaites posted a specific example of how it’s done! Bravo!