Is there a more elegant solution that I haven't found?
Create the reflection as geometry in PS.... Duplicate your original, convert to mesh, scale by -100%, texture differently, merge 3D.
Is motion blur a no-no when using Photoshop Live 3D?
Unfortunately yes. You can of course always try RSMB or CC Force Motionblur on your pre-comp.
Thanks for the help, Mylenium. Your tip to set up the reflection in PS was a good one. Having all the meshes in one file makes animating much easier.
I had to use a Layer Mask + Gradient to get the light falloff to behave like a reflection, but vertical camera moves in AE would either reveal more of the reflected text or push the main text into the light falloff region as the meshes "moved" into and out of the gradient. Bad news. Ditto for using the Linear Wipe effect in AE. In the end, I went with the Linear Wipe just because it's easier for me to tweak it during the animation.
You can of course always try RSMB or CC Force Motionblur on your pre-comp
I forgot about CC Force Motionblur. Thanks.
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You can also use a trick with the Timewarp effect to force motion blur:
"To achieve a result similar to the result of ReelSmart Motion Blur, apply the Timewarp effect, set Speed to 100, enable motion blur within the effect, and use the manual shutter control features to adjust the motion blur."
(from After Effects Help)
I tried the Timewarp thingy and it seems to work pretty well. And it didn't increase my render time as much as I thought it would. It's faster than CC Force Motion Blur.