Linetype definitions haven't changed since Complex ones were introduced in r13 before Mtext was around. Features like Mtext has like referencing fonts instead of Text Styles and Background mask for the text have been needed for a long time.
I submitted it as a Wish List item on AUGI in 2011: https://forums.augi.com/showthread.php?133959-Font-referencing-Background-Masking-in-Complex-Linetypes
1. I'd like see features like Mtext has like referencing fonts instead of Text Styles and Background mask for the text. Then I could call out a font instead of having to create a Text Style using the font just to reference a character. A and S are still the only alignment codes and only A which guarantees the ends always start and end with a dash is documented. Perhaps the more current type formating could be used with a new alignment code.
2. The ability to set the text angle without being able to center justify it has always been useless.
3. More shapes in the standard ltypeshp.shp including arcs of 30°, 45°, 60°, & 90° so we wouldn't have to create and keep track of custom shape files for most linetypes.
4. Incorporate multiline functionally into complex linetypes, multilines were poorly thought out.
I did have one of my wishes granted "Strike-through formatting in MText objects": https://forums.augi.com/showthread.php?119676-Strike-through-formatting-in-MText-objects
You should create a page for "Buried Features of AutoCAD" with a link for users to submit ones they've found!