Well, if you're retrieving the information from a database, you can send it to "image.php" via the URL.
image.php?title=some_title&cap=some_caption
Now, if I am correct in remember, you may have to replace " " with "%20" so that the URL is one long string, and then take them out again on the other side. No big deal.
The one thing you want to remember is to make sure that the image.php page has no header/content before you output the image. That will kill you for hours when you try to find the problem... trust me.
As for generating a dynamic image, I've done it. It's not hard, it just requires time and patience and reading up on how to use the GD functions in PHP is a real help.
I'm not sure about the cursive-anti-aliased fonts, but hey, you never know 'til you try. Hope I have helped you some...
~Brett