I have tried a bunch of different coordinate combinations to find one that may work. Using the one that I have always used the objects translate in the correct location, but the scaling is incorrect. Other coordinate systems the text is the correct scale but not in the correct location. I am translating from NAD27 mm to NAD27 ft. looking for an answer so we can move forward with a software upgrade. See below for coordinate info that I am using.
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# KB 01/11/2013 - SRP database projection
COORDINATE_SYSTEM_DEF SRP_AZ_Central_mm               \\
 DESC_NM     "SRP Arizona Central NAD27 millemetre"  \\
 SOURCE     "SRP GIS"                 \\
 DT_NAME     NAD27                   \\
 PROJ      TM                    \\
 UNIT      MILLIMETER                \\
 PARM1      -111.9166666666667            \\
 ORG_LAT     31                    \\
 SCL_RED     0.9999                  \\
 X_OFF      152400305.0                \\
 Y_OFF      0                     \\
 MAP_SCL     1.0
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# KB 01/14/2013 - SRP database projection in feet
# IFOOT = 0.3048 m (International Foot)
# FOOTÂ = 0.30480060960121920243 m (US Survey Foot)
COORDINATE_SYSTEM_DEF SRP_AZ_Central_ft               \\
 DESC_NM     "SRP Arizona Central NAD27 feet"     \\
 SOURCE     "SRP GIS"                 \\
 DT_NAME     NAD27                   \\
 PROJ      TM                    \\
 UNIT      IFOOT                   \\
 PARM1      -111.9166666666667            \\
 ORG_LAT     31                    \\
 SCL_RED     0.9999                  \\
 X_OFF      500001.0                 \\
 Y_OFF      0                     \\
 MAP_SCL     1.0