you're right...PnG ain't up to it.

I think that if you open the Wardart things you'll see what fonts were
originally used. then you can quit, activate those fonts, and reopen.

What I usually do is open a font set that includes all of the Fonts MS
provides with Office (yes, it's not simple to build such a set! I
basically cleaned out the fonts folder, install Orifice,with fonts, then
looked in the Fonts folder and copied them all into a new set--I use
Font Navigator).

Most of the time I've found that WordArt users only have the normal
Office fonts installed, so this works almost all the time.

Of course, having hard copy really helps (if you can get it).