I tried the PP title tool and found it was pretty much WYSIWYG sequence/composer. You might need to trash prefs and relaunch. (This was all on a MacPro 8-core/Lion CS5 versions.) As to importing Photshop, layer styles have never translated into any NLE I’ve ever used. If you want to “bake in” a style, the most reliable way is to copy the type layer, rasterize the copy, then merge that down to an empty layer for import. I’ve found this works for Avid, FCP, and PP. The only problem is that if the client changes his mind about a style, you have to rebuild and remerge. I’ve found it’s quicker to just do the design to bare type in PS and and the shadow or other dressing in the NLE. Hope this helps.
MaK