Here is a description of all the fields. They all have access keys corresponding to the first letter of the field name (the text field has an access key of t); you may be able to, for example, press Alt-r to select the ‘Render now!’ button.

The text, font, and size fields have no defaults, and thus must be filled in for this program to work.

Font
The name of a TrueType font installed on this webserver. One day, I may write a script that generates a list of the available fonts, but for now, you'll have to live with trial and error.
Size
The size at which to render the text. I don't really know what unit this is in, so again, you'll just have to try and see. This field has an arbitrary maximum value of 72.
Angle
How many degrees to rotate the text anticlockwise. The default is 0, which renders the text left-to-right.
Line spacing
How much spacing is used between lines of text. The default is 1, which specifies single-spacing, and there is an arbitrary limit of -10 to 10.
Colour
The foreground colour of the rendered text, using standard #rrggbb notation. Defaults to #000000 (black).
Background
The background colour on which to render the text, using standard #rrggbb notation. Since the background will be made transparent, this setting is only useful if antialiasing is enabled. Defaults to #ffffff (white).
Padding
The bounding box generation routine in gd seems to be less than perfect, and some cropping may occur unless padding is added. This allows you to specify how many pixels to add on each side of the bounding box. The default value is 0, and there is an arbitrary maximum of 64.
Draw frame
Draws a frame that encloses the bounding box. This allows you to see how good the bounding box calculation is when you use non-zero padding.
No antialiasing
Disables antialiasing, which may make the rendering look less smooth.