The sort of distortions that you can do with Word Art in MS Word can be done in Photoshop using Free Transform > Warp.
Make your Type layer, and use Edit > Free Transform (Ctrl t or Cmd t)
Then click on Warp in the Options bar (in red box below)
An chose one of the Warp options with the drop down on the left.
Use layer styles to further enhance the effect, or simply select the Type layer, and click on one of the Styles in the Styles panel.
The layer will remain fully editable, and you can change the Warp option or layer style. It might be best to right click and make the Type layer a Smart Object if you think you might be making lots of changes.
Reading your post again, I am not so sure I have interpreted your question correctly. If I am miles out, perhaps you can post or link to an example of what you would like to achieve.