Well the solution we have reached is the current view of TMemo can easily be hidden behind broken glass - where it belongs.
Mind you I have yet to test it with scrollbar(s) visible, but that was outside the scope of the question.
Changing it to TLabel would mean determining the first and last lines visible. And possibly much more complications.
But an exercise by itself on TLabel with multiple lines is one for the "Maybe Later" pile.
Another exercise is a Transparent TLabel in front of a TMemo, with the visible text duplicated. Would the text align? Or would it be blurry and possibly 3D, if 3D glasses were worn? Do we need text leaping out at you?
B