You can get something similar with layer styles and a gradient stroke, see pic:
http://jaswebpics.com/gradstroke.gif Just use the shape burst mode and edit the gradient so that the tone/colour changes are sharp (drag those handles in each side of the colour pointers)
For more control, I'd probably load the text as a selection, convert it to a path, then stroke the path with pencil or brush. For the brush stroke, an angled line might give a better shape then just a hard edged circle... For a more precise outline, a duplicated text layer with larger text and no fill would let you fiddle endlessly!
Cheers, Jason (remove ... to reply)
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