Yes you can define a UTI, as well as a MIME type for your format. Give it a unique file extension and the fact that's it's encoded in plain text is not important (HTML, XML, etc. all fall into this category).
You don't specify how complex your text format will be, but if it's complex then you might want to consider using a language parser tool to process it, utilizing bison/flex (yacc/lex), or ANTLR.