Technically, I believe this is possible using the Windows API. Take a look at EM_SETHYPHENATEINFO and, in particular, the ability to pass custom HyphenateProc. This is a pointer to a function that is called when a rich text text field needs to wrap a string and calls your function to determine how to wrap a word.
Having said that, I sincerely doubt that this manifests itself in .NET, so you will need to delve into the API a bit. But I think this would be the best way to get a wrapper notification of each line.
UPDATE
Here you go, I found a blog post that says a little more about it.
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