I've been trying to find the answer to this question on-and-off for awhile, and what I keep finding it essentially: 'eyeball' it'. I'm curious if anyone knows of a built in way, or has a specific methodology they use, for evenly distributing text on a circular path. I'm a Paintshop Pro convert, so I'm still trying to get the lay of the land with Photoshop. I appreciate any help you fine folks might be willing to provide.
You could try choosing Optical in the Character panel. But as you've noticed, when text is on a path, the standard kerning and tracking values don't work as well, so most people usually end up tweaking the text a bit.