Hello, I'm stuck on a complex problem.
You ain't seen complex …
Make your field so (vertically) large that it can display the largest amount of data you have, then use the 'Sliding' options (Position tab of the Inspector palette) to have it (and probably its enclosing part too) adjust to its content, i.e. shrink as necessary.
As you have probably found out if you adjust the field height in list view, every field will be big whether it needs to be big or not (unless you preview the list). Another option is to have two layout. One for printing that does the sliding (which works very well) and the other layout for browse mode. On the browse mode layout you could use a case statement with conditional formatting to adjust the font size based on the length of the text in the field. A smaller font size allows you to see more in the first line of the field. You could also use the condense style with the conditional formatting. Another option is to have a tool tip display the full content of the field, so just by hovering over the field the user could see the full content. I find things can sometimes be less complex by using a browse and print layout to accomplish what you want.