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One way to do it is to group all your styled layers (CMD G). Then turn the Group into a smart object, then rasterize the smart object. No new blank layer required.
Come to think of it, in most cases you could probably skip the smart object step and just merge the group.
Both methods are totally destructive of course.
Hope it helps.
I've used an action to rasterize layer styles for some years. It requires a slightly obscure approach.
Maybe you can figure out how to modify it to work with your larger project.
If you hold down Command while making a new Layer, it will be created UNDER the current Layer. Take it from there.
Yes!! Ed is the winner!!!! His idea inspired me to look in the Keyboard shortcuts guide, which also showed Alt/Option [ and ] which select the next layer above and below. So you create a layer below, hit Alt- ] to go back up to the original Styles layer, then Merge Down.
F10 is now Rasterize Layer Styles!!!! Yes!!!!
Rock On Ed Hannigan