This just used layer styles, but in this case it is a single text layer, so the gradient overlay covers both the large and small text. To make them different colours, you'd need to use two text layers, and put a gradient overlay on the large text, and plain white on the small. Then combine the two layers as a Smart Object, and apply the two stroke effects. Note, when using multiple strokes, the smaller stroke must be above the larger stroke, or it would be covered and hidden. Does that help?
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Oh, Trevor was faster!
The curved area is a selection on a new layer filled with pink, set to 50% opacity, and blending mode color burn.
AND I added some noise ... but not the small text.
Mostly layer effects:
The text - its color doesn't matter - has (from top to bottom) a thick black stroke, a second stroke with a pink-to-purple gradient, and a gradient overlay also in pink-purple. This way you can very easy adjust the gradient colors.
Then, on a new layer I made a elongated ellipsoid selection, filled it with pink, set it to 50% opacity, and the blending mode to color burn (or what you like).
For the noise at last I made a selection of the text and a new layer above the text layer. I filled the selection with the pink-purple gradient and added a bit of noise from the filter menu. Then I reduced the opacity of this layer.
The pink-purple gradient isn't throughout exact the same. For example, I adjusted the colors a bit for the second stroke.
There are any number of ways of doing this, but I would mage the overlay on a new layer above the text, and clip it to the text layer by Alt clicking the intersection between the layers. The other way is to add the graphic to a new layer above the type layer > Ctrl click the type layer to load it as a selection, and add a layer mask to the graphic layer.
I am not at home right now, but I can demonstrate when I get home if need be.