If you need to use the text in a formula, you can create as many SQL Expression fields as required, providing they are 254 chars or below.
Depending upon your database, the above syntax may not work, for instance Oracle uses Substr, not Substring.
But if you select the function from within the SQL Expression builder, you'll see that it produces something like:
(fn substring(table.field,1,254)
Which should be passed using the correct SQL for your database.
Now you can use these SQL Expression formulas within other formulas, and concatenate them into a single field later by dropping them into a text field object.
-k