One method to accomplishing this would be to use masks and track mattes. Duplicate your text layer and mask out one word. Now take your ink bleed layer and place it below your masked text layer and change it's track matte to alpha. When the ink bleeds on it will cover up the white layer of text below.
Johnny Cuevas, Editor
"I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work."
---THOMAS EDISON on inventing the light bulb.