AS2

this.createTextField("lbl_txt", this.getNextHighestDepth(), 70, 5, 150, 30)
lbl_txt.autoSize = true;
lbl_txt.text = "Hello";

var fmt:TextFormat = new TextFormat();
fmt.bold = true;
fmt.color = 0x000000;
fmt.underline = true;
fmt.font = "Arial";
lbl_txt.setTextFormat(fmt);

Timeline Layers
action
button_layer (button_layer is a animation on rollOver)
arrow
background

Desired Result
button_layer and action to be topmost layers and cursor to remain a pointer and not switch to text cursor on rollOver.

action
button_layer
arrow
lbl_txt (TextField created by AS)
background