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Yes, it's a naughty one and could be detected automatically (though I'm not certain)
2. People hide layers all the time in dhtml sites. This could be considered spam but it's far less likely that you'd get detected automatically. Just make sure that if you were someone at an SE manually looking at the page that it didn't seem spammy (stuffed with keywords and no real use to the user)...
Just my thoughts... ;)
Nick
The text should be read and spidered OK
The danger is that you might get a hand inspection after being reported by a competitor.
As long as it doesn't look like you are trying to manipulate the engines, you should be OK.
[added]
u r just too damn quick, Nick