1. Select the text tool and type on top of your background color image.

2. Then click the hand tool to deselect the text tool.

3. Make sure your text layer is selected (highlighted) in the layers pallet and on the menu click Layer à Layer Style à Style Settings

4. Check the stroke box and choose a size (something between 1 and 5 normally works best) then click OK.

5. Using the dropdown menu at the top of the layers pallet change the blend mode from Normal to Multiply; then save.

Mike, can't say I really understand what you are trying to do. Is there an example you can post for us?

An easier way is to use the Horizontal Type Mask tool:

1. Create a new image.
2. Double-click on the background layer to convert it to a normal layer.
3. Fill the layer with any colour you wish.
4. Use the Horizontal Type Mask to enter your text.
5. Hit your Delete key to punch a "hole" in your coloured layer.

Ken

Hi Mike,

You also said that you will be using various colours to mask the underlying images, so I suggest this procedure which will give you great flexibility:

1. Create a new image. 
2. Double-click on the background layer to convert it to a normal layer. 
3. Use the Horizontal Type Mask to enter your text. 
4. Hit your Delete key to punch a "hole" in the layer.
5. Add a Color Fill adjustment layer above.
6. With the color fill layer active, use Layer...Create Clipping Mask (Ctrl+G) to use the layer with the "hole" as a clipping mask for the layer with the colour:
   

All the non-transparent pixels in the bottom layer (Layer 0) will be perfectly coloured with the colour fill layer, including the anti-aliased edges:

Save the file as a PSD file to preserve the layers and transparency.  Now, when you want a different colour, it's easy to double-click on the icon for the color fill layer and choose a new colour.   Use File...Save For Web to save the result as PNG-24 image -- the PSD file will remain unaltered so you can easily return to it and change the colour.

Ken