Usually when someone runs into a black screen on WP8, it’s because they attempt to use a feature that’s not supported by Corona on WP8 yet. Although, if this were the case, you should see a Lua runtime error of some kind in the Visual Studio output panel. Maybe you should double check that Lua is able to print to Visual Studio’s output panel okay (it should). Try putting a print() function in your “main.lua” to see if it gets outputted to Visual Studio correctly.
Another thing to double check is to make sure that all of your Corona project files are actually getting bundled into the WP8 *.xap file. You have to explicitly tell Visual Studio to do this by settings the file’s “Build Action” property to “Content”. Have a look at the instructions here…
http://docs.coronalabs.com/daily/coronacards/wp8/portapp.html#copying-project-files
Also, calling display.newText() will work and is okay to do. In fact, it makes sense to use display.newText() on WP8 if you’re fetch text from a source that you don’t have any control over, such as Twitter or Facebook. It’s just very slow to generate the text bitmap on WP8.
One last thing. Which build CoronaCards build # are you using?
In Visual Studio’s “Solution” panel, if you left click on your project’s “References\Corona Framework” node, it’ll show the version in the Properties panel.