To save a Text Overlay, you first have to set up the overlay how you would like it to be in the Text Overlay section of the Overlays window. Next, open the Presets window, and select where you want to save this setup. After this you need to hit the Save button (this will save whatever settings you have in the Text Overlay section of the Overlays window to the new preset). Changing the title of the preset in the Preset window won't have any effect on the text of the Ttext Overlay.
