I think you are saying are text layers that are nested as a comp in your main comp. If there are nested comps then the switch your are turning on and off is Collapse Transformations not Continuous Rasterizations. The functionality is different. Collapse Transformations changes the render order of the nested or pre-composed layers. In 3D layers this means that the camera in the main comp interacts with the 3D object as if it were in the main comp when CR is on. When CR is off, the camera has no effect on the nested layer but it interacts as if the layer was 2D. The normal transform controls should work in the nested layer no matter what the CR setting is. The exception is that when you have a layer effect applied to a nested layer the render order with CR on is changed around and the layer effect is applied after the opacity effect and changing opacity of the layer in the main comp has no effect.
There are two ways to correct this problem. If you want to keep the layer effect in the nested comp and you need CR turned on then you can simply go to the main comp, selected the nested comp's layer, right click and select Show All. Even with no layer effects applied the opacity will now work as expected because Layer Styles is on after the layer's transformations are completed.
The other option would be to copy then delete the layer styles in the nested comp and paste them to the layer in the main comp.
BTW using the "press the U key twice trick to reveal modified properties will not show you layer effects unless the values for the layer effects have been changed from their defaults so you may have to twirl down the properties inspector of the layers to see if they have been applied.
You are awesome Rick! Has anyone told you that today?
It was the Layer Style that caused the problem. Someone else created the psds. I usually create the effect I want in AE so I tend to forget about them or atleast not pay attention to how AE would be affected.
On a side note, it does drive me crazy that the same button is called 2 different things. (CR and CT)
Have a good day.