For users of Flash 8, there are quick ways of adding extra effects to letters by using Filters. When you select the font instance on Stage (in the "Letter" MovieClip of any effect), in the Properties Panel you'll find a Tab called "Filters". Selecting from the drop-down list you can add filters to the letters. Below you can see some options. It also shows the option of setting letters as mask.

Flash 8 - Filters