Thanks Michael- I did learn about a workaround and this issue does not have anything to do with the migration. (which was in fact recommended by an Apple tech!) I guess this is a glitch when using LiveType within Lion. Apple has decided not to support or offer a fix for this or any support for LiveType any longer.
I will have to use the work around if I want to continue to use LT w/ Lion.
It's a shame as there must be millions of video editors in the world that purchased and count on great apps like LiveType and iDVD (also no longer supported.) Why Apple continually does this to it's customers astounds me.
Thanks much for your help Mike!