You'll probably have to browse to find your Environments and Textures folder. Load the file called soeclear.q9q. OThis looks pretty good, but I like my colors to be a bit more intense. Seat the Hue and lightness to 0, and the Saturation to 100. Set your Vertical and Horizontal offsets to about 5, the Opacity to around 88, and the Blur to 10.
Pastel colors work best.
Anything too dark will keep the highlights from being noticeable. The effect also isn't limited to text. It works great for buttons and other decorations as well.