Cool, thanks for the tip! :)
By the way, it looks like wrapping the whole thing in \mathit{} also works. So the example below would become
tex`\mathit{priority = \frac{impact}{effort}}`
But I guess there might be some other parts of tex where that would break, since \text doesn't let you do it
Ah I think you're right! Depending on what you're trying to do, from what I can tell \mathit just turns on "italics" math-style. Implied disclaimer: I'm a TeX dabbler, at best.