This is something I've always wanted, and don't know if it exists. I'd like to somehow place type in an image, and scroll down the font selections to see the font choice change in the image window (not in the font sample area of the Character Window, or Type Menu line). I know you can click on the font to see it change in the image window, but ideally I'd like to scroll down the font list, or down arrow down it, to see the font quciky change in my image to help pick a font.
One way is to double click on the type layer, highlight the font family in either the tool options bar or character panel and use the up/down arrow keys on the keyboard.
Use Cmd+H (ctrl +h) to hide the overlay on the type.
You should also be able to do that without double clicking on the type tool as long as the type tool is selected, but you'll use up a bunch of history states.