1) Text left justified and starts at the same spot like these examples.  The now closer button would then stop at the same spot and the gap would be determined by length of title.  Longer titles would simply wrap if not enough room to fit on one line.

Your Option #1 sounds more like what we may be looking for which will reduce the space between the button and the text, while keeping the button in the same spot and the text wrapping if it’s too long.

I suppose if it doesn’t fit the bill we could make adjustments, but I would go with #1 first and see if Kathleen approves.