http://i.imgur.com/0POzIXz.png
1. Grey text on new transparent layer.
2. Bevel Object on settings shown.
3. Overblur( Radius ~ 4, Overblur = 0, retain transparency = true). To soften the shadow edges.
Bevel Objects works in a very different way to Boltbait's Bevel selection and can be very slow on large objects because it is literally measuring across the object. I made it like that to allow a large range of angles which would be tricky to do by using the Gaussian blur.