is there a way of blocking the actual text without no indexing?
If you are adding significant content to the page so it is no longer as "shallow", then I don't see a Panda problem with allowing your re-purposed sentences to be indexed. However, I would make sure the former domain is not still indexed and looking like duplicate content.
to answer your question directly, if you are talking about actual text, then there is no way I know of to keep it out of the index. Adsense has a tag that instructs Google to ignore chunks of a page for ad targeting, but that's not organic ranking.