Just as long as the second event is not covered by the first.
The events given here should both work. However,

on *:TEXT:*:#: ...
on *:TEXT:*text*:#: ...

Here the second one won't work.

on *:TEXT:*text*:#: ...
on *:TEXT:*:#: ...

And here they both work, except the second one will not trigger if the text contains the word "text" because that's already covered by the first...