It may be smaller if you use a title on the worksheet rather than a text box on the dashboard. On v8 you could also just float it over the chart.
Good point on using V8. That would work great. Unfortunately I am not sure how much longer it will be until we are on 8. I tried the Title option and that didnt make any difference. In HTML we would have the option of padding=0 which would be nice to have although V8 will make that unnecessary of course.