OP_RETURN lets you put up to 160 hexadecimal characters into the field.
Using letter count you get 48064 characters from a quick text grab of whatever you put in the OP
So 48064 / 160 is 300.4 so 301 transactions.
Text mentioned by OP doesn't use HEX, so your calculation is wrong. Assuming the Text use UTF-32 encoding, it should be
48064 character * 4 bytes (size of UTF-32) / 80 bytes (size limit of OP_RETURN) = 2403.2 (2404 transactions)
I guess it would be a better Steganography if the outputs were valid addresses for example and the MSB of every address would be concatenated with the next or similar. And if the outputs were also spent in the future for example, so the sent coins wouldn't even be burned.
MSB/LSB wouldn't work since it's reserved for network code and checksum. But you could use vanity address generator where the message on middle part with different encoding.