I've actually figured that part, about using the magic wand. You're right, I have to make the font big enough so that the outer and inner parts are far enough. Only problem I have is that when I do that, I can't scale it back down correctly to where I want it. In order to use the magic wand and fill the inner portion, the text layer must be rasterized, which mean it can't be editted anymore. I guess that's not a problem. It's just that there's gotta be an easier way. I'll keep trying.