I suppose by “the filters stink,” you might mean that they take long to process and apply at that size/resolution.
Unless it’s expressly part of the assignment, you don’t really need 300ppi. Even for close-up viewing, you only need resolution equal to the line screen frequency of the output device x 1.5. For an 18 x 24 poster, you could easily get away with 150-200ppi.
The Effect: When you’re satisfied with your background texture, (concrete, stone, etc.), set your type on a layer above. Then Cmd/Ctrl+Click on the type layer thumbnail in the Layers Panel to load the letterforms as a selection.

Turn off the types layer’s visibility, target the background layer, and press Cmd/Ctrl+J to make a layer containing a copy of the letterforms from the background texture.

(Backgound layer visibility turned of for illustrative purposes.)
Double-Click the new layer and add Bevel and Emboss effects to produce the illusion of the letterforms embossed or debossed in the background.

John M:
All of the vim with none of that annoying vigor.