The topic is fine in the scripts section. It does relate to scripts and huds. He will get a better chance of a reply here than anywhere else.
The problem is not the plugin or the fact it is in TGA, but how you are doing it. First off, if you are using the default "languagebank\english\gamecore\text\pressentertouse.tga", you need to open it, delete all channels in the channel tab, then make the layer transparent and do your text. It does work, but you forgot that the "black" is actually an "alpha channel" to render the text only in the hud.
Second, check your folder I specified. If there are the TGA files and DDS files that are the same, then you have the setting "dividetexturesize=0" (File>Preferences>Texture Quality>High (no reduction)). This means that any file you modify/create in TGA will be rendered to DDS,
BUT your change will NOT show in the DDS because the engine does not recreate the DDS file. For example, I have my settings to "dividetexturesize=0" in my setup.ini, I open a level to run a test, make a change to a TGA hud, test again but forget to delete the DDS of that TGA file before running my test- no changes will show.
You can use either "dividetexturesize=0" which creates DDS of any texture file, or "dividetexturesize=2" which will not render any texture file you make into DDS and uses the file you specify. DDS, PNG, TGA are good if you need transparency or alpha channel. Stay away from JPG if you need shader applied to the texture.
There's no problem that can't be solved without applying a little scripting.