Okay, that's what I thought.
Well, I have more experience with the NES than the Genesis, but the typical way a game knows when to print each letter, assuming it doesn't do it once per frame, is to use a counter of some kind. So let's say they want each letter to appear every four frames. So you print a letter and add 4 to somewhere in RAM. Then the next frame, the routine decrements that part of RAM and checks if it's now zero. If it is, new letter, if not, carry on.
Looking at Panorama Cotton, it prints characters every six frames. I tried doing a bit of debugging myself to see if I could pinpoint the exact thing the game was counting on. The only thing that looked somewhat similar was a counter at $8016 that counts down from 6, and the game printed a new character at 4, but when I changed the instruction to screw around with it, the text didn't change.
I haven't done the research to know which instructions actually print the text, but obviously you do. If I knew that, I might be able to get closer to figuring it out, but as it stands, I'm not sure.