do the text as you want it, blending options, stroke it with 2px white or however you want it, create a duplicate, hide the original layer with the text and the stroking, rasterize the duplicate, drop shadow on the rasterized text layer with stroking, pull the Distance to 0, and take the Spread to about 16, and then play around with the size til you get the kind of look you want
that should about do it