Personally i don't use GoLive's Grid Layout, as i prefer to hand code everything, so i wasn't sure how the grid layout was doing things.
I can see now that the absolute sizing of each element isn't much of an issue since it's allowing the content to grow as needed.
What is an issue is that everything is absolute positioned. As you can see when the text grows it's containing box gets bigger, but it's position remains absolute, so the boxes begin to overlap each other.
It would be possible to create this design with everything relative positioned. Since your using the layout grid i'll assume doing that is beyond your experience level, and i don't have the time or space here to teach you CSS coding.
I really like your current design. Yes, it overlaps at large text sizes, but the text has to be really large before that occurs. Unless the demographics for your site includes mostly elderly or other people that are likely to have text set at very large sizes, i would leave your site as is.