If you intend to create some distortion, precompose it and use the bezier warp effect. Masking wont help you much here, you gota have separete words for each uneven position/scale/distortion you will end up.
And you can’t use paths too if you intend to keep the photoshop effects you used, they can simplify some text animations in certain cases.
So, to keep it straight, depending on the look that you want, it can only be done with manual keyframing/animation. No easy tricks.