Stretch text in inkscape, but then wrap it to a pa

I've got a short piece of text, and I want to stretch it out vertically, and then wrap it round a path. I can stretch the text, but when I wrap it to the path it jumps back to its default size.

Before: After:

(Stretching vertically after assigning to the path does not apply the stretch to each glyph consistently. E.g. it makes the T higher, but makes the g wider!)

Is there a way to keep the stretched appearance when applying it to path? Or is there a workaround?

Steps to create this in Inkscape 0.47:

Wrote some text out
Dragged the vertical arrow to stretch it out.
Used circle tool to make an arc (set fill color to none)
Path|Object To Path on the arc
Path|Reverse (so the text goes on the inside rather than outside)
Selected the text object. Shift+click of the path, so they are both selected.
Text|Put On Path

(Yes, I realize the letters overlap. I will then insert spaces and use Alt-left/right to add kerning. But that is not important for this question.)

UPDATE: A couple more failures that are worth noting. (Even if they had worked they'd be less than ideal, as I cannot hand-tweak the text along the path the way I can with the above solution.)

This one is following the instructions at http://inkscape-forum.andreas-s.net/topic/2576083 (with more explanation of LPE at http://tavmjong.free.fr/INKSCAPE/MANUAL/html/Paths-LivePathEffects.html ) It was made by selecting the text, ctrl-c, then select the path, then Path|Path Effect Editor, then choose Pattern Along Path, click ADD, then choose the 4th icon, "link to path".

This next one was described halfway down http://tavmjong.free.fr/INKSCAPE/MANUAL/html/Extensions-GenerateFromPath.html. Select the text, then Path|Object To Path. Then select both text and path together (using shift-click), Extensions|Generate From Path|Pattern Along Path. I chose "Single,stretched" and "Snake" for the effect shown here.

You can try this:

(1) write some text
(2) draw a straight horizontal line just below the text (make it a path)
(3) Select the text object. Shift+click of the path, so they are both selected.
(4) Text|Put On Path
(5) Select the text object. Drag the vertical arrow to stretch it out (or the horizontal to decrease the width of the text).
(6) select the straight line with the path tool and drag it in the middle to make it curved

It's a bit tricky to give the curve the right shape that results in a good looking text. Note that you can add additional nodes to the line too, which makes it a bit easier.