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"it just doesn't look right"
You obviously want it to look a very specific way.
The functions of graphics programs operate within set tolerances that are acceptable to most users. When the "easy" built in functions don't give you exactly what you want then you can either accept it and take what you have available easily, or do it the hard way.
The hard way can be manually (as I mentioned above) or by trying a dozen or more other graphics programs, none of which may give you an acceptable result. Since there are only so many free graphics programs... it's probably quicker and cheaper to do it manually.
Think of it as the difference between being a graphic artist and a graphic software user.
Freq---
Next, you can use actionscript to break a string into individual characters and place them (algorithmically) on an arc. There are sample scripts to do this at the "flash actionscript samples" sites. Problems you'll run into include the kerning between letters will never look "right."