This may work.
Convert the text to a 3-d layer. at the frame where the paint hits create a second text layer in the exact proportions of the original. you can pretty much dublicate (CMND +D) the layer and delete all key frames from the upper most layer then move one of the two txt layers one pixel infron to the other So that in 3D space one is closer to your active camera veiw. . . take the Opacity of the Front TXT layer (the one you just moved forvard one pixel ((F-TXT)) ) take F-TXT layer oppacity to zero and Key fram it one frame before the splatter hits. On the frame where the spatter hits, change the opacity value of the F-TXT layer too 100% .Okay Now using theTXT tool high-light F-TXT and alter its color value to the color value Exactlyof the paint splatter.
hmm? Now go to the Effects menu and add a liquiy tool out of the distort menu to the F-TXT layer… then paint it down to creat the dripping effect. . . .(Experiment until it looks right)
Oh and here is a cool though add a drop shadow to (effects > Perspective >drop shadow.) make one for both TXT layers FTXT and the other and make them the exact color of the back ground and then thate the shadow Opacity too 100 and it position the shadow so that it looks like when the paint hit the letters the letters blocked it from hitting the background. like a stencil… or something.
later
dead man out