I have been searching and searching and I can not find an answer to what should be an easy question. (I'm quite frustrated if you couldn't tell.) All I need to know is step by step from the very beginning, how to create vectorized text on photoshop the can then be put into iMovie as overlay and used as a subtitle. Please help.
Right-click on the text layer in the Layers panel, and select "create Work Path", or "Convert to Shape".
Is there any reason you can't leave it as a Type layer, which is vector by nature? I think you probably need an iMovie expert for a definitive answer. Most of the forum regulars will have a full CC subscription, so would use Premiere Pro for video editing.
There's lots on YouTube btw.