I've been away from these forums for awhile and therefore might be incorrect. That said...
I'm not aware of an option to bulk convert text (or other on-demand vector-based data) into graphic images within calibre.
It seems like you're trying to automate and simplify the process of converting vector data to raster (bit-mapped) data. At least as far as I know, there is no good way to do so. (Automatic bulk conversion of existing images is possible through graphics programs and some utilities. Most of these programs require a compatible image source format which isn't likely to be available for ebooks.)
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