An image is worth thousand words, so here we go...
The text at the bottom is the style i'm going after. I'd need to have this effect withing the text layer.
On the image on the top I have set the fill to 0% and put a stroke effect.
Unfortunately, when I apply the Drop Shadow, it only shows around the text and not through. I guess that should have been pretty obvious...
Anyway. Since it's going to be used for quite a number of times, I need to avoid duplicating and then shifting an additional text layer for the effect everytime I change the text.
I'm playing with drop shadow together with inner shadow but so far i can't seem to shake it :-/