create automatic alpha text with blending options

In Photoshop CS it somehow was possible to make a targa image with text that has an alpha channel without merging it with a blank layer when using
blending options (shadow, outer glow). Cause when you CTRL click the layer it will not select the shadow blended area.
Since I installed Photoshop CS2, I cannot make text with a blending option and save it directly to a targa for video. Now I first have to add a blank layer, merge it, select the layer and with channels save the selection as alpha.
That is a lot of work because we makes lots of titles.
I reinstalled Photoshop CS again but now it's the same.
Any text made does not have automatically an alpha, and I never used this technique before. Collegues in the video industry say the comlicated way is the way to make alpha titles, but I've done it for several years now.

So I hope someone can help me.

Otherwise I've seen a software plugin (tools for television pro) that makes an alpha with a click, without having to merge a textlayer with a blank layer just because it has some blending options (shadow, glow)

Hum,

Shadow and outer glow are layer effects, not blending modes.

You could reccord an action that does this and assign an F-key to it

Or use another file format that doesn't have a lot of screwed up notions about transparency...