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.
# 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
# KB 01/14/2013 - SRP database projection in feet
# IFOOT = 0.3048 m (International Foot)
# FOOT = 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