Yes. You can use the "convert to editable text" command to make the Photoshop text become editable After Effects text. And then the text animation presets will work on it.
That's the trick I was looking for. Thanks.
Its crazy i have never used that. I use ta just replace the text with an after effects layer. CAVEMAN STYLE
Wow, this should save you a lot of time! Don't forget to come to the forums and hit the green star "correct answer" button on the post you feel has the right answer. It'll help people in the future with the same question find the answer more easily.