You'll need to create your own custom animation rather than using one of the presets.
This is fairly simple, using keyframed animation for the Motion effect. Just right-click on the title on the timeline, select Show Properties, open the keyframing timeline on the Properties panel and you can create any animation you can dream!
I explain how to do this, step by step, in my books.
But you can get the basics from my free article "Basic Keyfaming" from Premiere Elements support site Muvipix.com.
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I highly recommend Steve's Basic Keyframing - all parts.
Keyframing is a powerful feature, and can be used for much more than just text animation. The concept is a bit abstract at first, but every moment spent learning about Keyframing will be rewarded later on.
Starting out by Keyframing some of the Fixed Effects, like Motion>Scale, Motion>Position (the one you will work with here), Opacity, and Volume will be easy, and great exercises. Once you have those down, and know the little "tricks" to get what you want, you can move on to animating many non-Fixed Effects, like Blur. With the exception of some of the "Auto" Effects, and a few more, most Effects can be animated over time with Keyframing. Some 3rd party Effects can be simulated by Keyframing existing Effects in PrE. Many of the effects that we see in 3rd party titling programs, can be simulated by Keyframng the existing Effects in PrE.
There is a whole world, that will be opened up with Keyframing. Enjoy your trip there.
Thanks for the very helpful answers, guys! I'm going to dig my fingers into this keyframing thing (hopefully it's pretty similar to Flash animation keyframing, which I'm already familiar with). In the meantime, I discovered a more rugged, but layman-friendly work-around for this:
Create two identical clips of the same text (without copying and pasting). Put one on one video track, and one on another video track above it. Align them so the end of the first text clip is parallel to the start of the second text clip on the line above it. Then, apply the text animation effect only to the first text clip, and -- voila, the same effect is achieved.
If you are familiar with Keyframing in Flash, then it will be so very easy in PrE. You already have the concept (the hard part), and all you need to get will be details on the mechanics (where buttons are located, etc.) in PrE.
Steve takes you though all of those mechanics, and introduces you to the Effects Control Panel, which you will use just like the Stage in Flash (if they still call it that). The look is a bit different, as you are working in Video, though you are animating in the same way. You set the Keyframes for whichever Effect you are working in, and PrE will create the Tweens for you.
I actually like the interface (the Effects Control Panel) in Premiere better, than I did the one in Flash Studio 8 (my last version), but then I came to Flash from a film background. When I started doing Video, it was like meeting up with an old friend, however the concept of Keyframes from Flash proved very, very useful.
I do not recall the last time that I used any animation Preset, as Keyframes give me so very much more power. The same for creating PiP, whether animated, or not.
Good luck, and explore, experiment and enjoy!