Problem with Placing Text using Function Keys

I am editing a function key so that when I press F2, the Place text command will open and automatically set the proper text level/color/weight/linestyle.  I am using the following action for the F2 key: 

lv=T-LABELS;co=0;wt=2;lc=0;place text

However, the word processor is not popping up when I use this method.  All text has to be typed in using the Key-in bar.  Is there a way to get the word processor to pop up instead?

Also, is it possible to set the level, color, etc to ByLevel in the function key shortcut?

Thanks in advance!

Chris