How well do text-only Large Language Models (LLMs) grasp the visual world? As LLMs are increasingly used in computer vision, addressing this question becomes both fundamental and pertinent. However, existing studies have primarily focused on limited scenarios, such as their ability to generate visual content or cluster multimodal data. To this end, we propose the Visual Text Representation Benchmark (ViTeRB) to isolate key properties that make language models well-aligned with the visual world. With this, we identify large-scale decoder-based LLMs as ideal candidates for representing text in vision-centric contexts, counter to the current practice of utilizing text encoders. Building on these findings, we propose ShareLock, an ultra-lightweight CLIP-like model. By leveraging precomputable frozen features from strong vision and language models, ShareLock achieves an impressive 51% accuracy on ImageNet despite utilizing just 563k image-caption pairs. Moreover, training requires only 1 GPU hour (or 10 hours including the precomputation of features) - orders of magnitude less than prior methods. Code will be released.