Very thorough tutorial in PS for Nonlinear Editors
You can also attempt by using layer styles for bevel, then dropping the fill.
Tricky part is making the alpha channels
Richard M. Harrington, PMP
Author: Photoshop CS for Nonlinear Editors
Co-Author Final Cut Pro on the Spot, After Effects on the Spot, Broadcast Graphics on the Spot, and After Effects @ Work
Check out the new DVD: Photoshop CS: Essentials for Digital Video from http://www.photoshopforvideo.com
If your Playbox has adjustments for transparency you may just have to set it where you like it best. I use Glen Stephens Tools for Television Pro to make my alphas so no matter how many layers in the comp the alpha magically appears. Sometimes I adjust the alpha by bringing white down to 60% gray or use the gradient tool to go from opaque to transparent by selecting the white alpha channel and modifying it with the gradient tool. Then you can save it as a tif or tga or psd or any format the Playbox accepts. PAL or NTSC or HD is all the same to PS CS2 if you size it correctly. We use Evertz Insta-Logo and the bug box sets transparency so I no longer have to jump through hoops to get the bug transparent. Maybe Playbox does the same. HTH
The method I use is pretty simple and probably not what you are asking for - but I'll tell it anyway.
I make the bug, collapse all the visible layers into one, use the magic wand to select everything around it, select the inverse, go to the channels tab, click on the "save selection as a channel" box at the bottom. This saves as "alpha 1". Click on the new channel and the bug should be in a white sillohuette (i think i spelled that wrong) on a black background. Save as a targa file.