Hi there
I had the same issue until yesterday, when I noticed this thread.
I tried Rosco_P's advice and it didn't solve anything. Lurking around I found many other threads that said that another way to solve was to delete the contents of the Screens subfolder in C:\Documents and Settings\All Users\Application Data\Stardock\Elemental - War of Magic
It was then that I noticed that the Screens folder was completely empty.
In the end I resolved doing the following:
1) Start Elemental, and removed the Fullscreen option
2) Completely deleted the C:\Documents and Settings\All Users\Application Data\Stardock\Elemental - War of Magic folder (it didn't contain any sig.bin file either so I just thought "meh, whatever"
)
3) Restart Elemental, now the Screens folder is correctly populated by its files and the text doesn't overlap anymore
Please note that if I try the same in fullscreen, the Screens folder is not regenerated - it stays empty. I didn't try to let it create the files and THEN switch to fullscreen again. For now I am playing windowed and it's fine.
Hope it helps 