This sounds like we need a research paper. I believe Dynamic Text beginning on page page 344 should give you solid averages to work off of for however your planning to display your text. Of course you have the issue of wanting to be slower than the average for users who have a below average reading speed.
Personally I believe it would be ideal to start out displaying the text as long as the average person reads and and then have as an option for the user to change the speed. Some thing as simple as "B" to slow it down and "A" to speed it up as some of the older console games had would work.
Unfortunately this is all assuming that the reader is expecting it. I would add the high end of the curve of the average human reaction time 300 milliseconds or so to the display time if its a prompt.