Here is my primary thought. Wish it could bring some inspirations.
First suppose we already have a Text-style Cell, then use the menu Copy As -> LaTeX:

Paste the content into a pair of quotation marks and clear extra line-breaks:
str = "\\text{Let }
...
\\text{, but need some text after it.}" //
StringReplace[#, "\n" -> ""] &
We get strings suitable for math-mode:
"\\text{Let }M\\text{ be a }\\text{TM}\\text{ and let }A\\subseteq \
\\{0,1\\}^*\\text{. We say that }M\\text{ decides }A\\text{ if \
}\\forall x\\in \\{0,1\\}^*\\text{, }x\\in A\\Rightarrow \
M(x)=1\\text{, }x\\notin A\\Rightarrow M(x)=0\\text{. We say that \
}A\\subseteq \\{0,1\\}^*\\text{ is decidable if there is a \
}\\text{TM}\\text{ that accepts it. And here is an inline complicated \
formula: }\\sum _{k=1}^n \\frac{1}{f(k)}\\int_{\\alpha }^{\\beta } \
\\sqrt{g(x)} \\, dx\\text{, but need some text after it.}"
Then we reverse the "environment":
str2 = StringReplace[str, RegularExpression["\\\\text{(.*?)}"] :> "«$1»"]
str3 = StringReplace[str2,
RegularExpression["»(.*?)«"] :>
If[StringLength["$1"] == 0, "", "\$$1\$"]] //
StringReplace[#, {"«" -> "", "»" -> ""}] &
Then Copy As -> Plain Text:

Past into SE editor:
Let $M$ be a TM and let $A\subseteq \{0,1\}^*$. We say that $M$ decides $A$ if $\forall x\in \{0,1\}^*$, $x\in A\Rightarrow M(x)=1$, $x\notin A\Rightarrow M(x)=0$. We say that $A\subseteq \{0,1\}^*$ is decidable if there is a TM that accepts it. And here is an inline complicated formula: $\sum _{k=1}^n \frac{1}{f(k)}\int_{\alpha }^{\beta } \sqrt{g(x)} \, dx$, but need some text after it.
Though looks working, this procedure is very primary and buggy. e.g. The $TM$s in the original Text Cell are actually in math-mode (i.e. inputted after a Ctrl+9), but they were converted to text-mode when copy as LaTeX. And when the paragraph ends with a formula, it should be take care of with special rule.
\(before the secondMand\)after the followingA. – einbandi Nov 20 '12 at 15:21FEDumpTransformBoxesToTraditionalFormBoxes[SystemFEDumpprocessBoxesForCopyAsTeX[{TextForm},TextData[#1]]]&,<<14>>, if there is a TM that accepts it.] is not supported. >> – M.R. Nov 20 '12 at 21:04