I'm not sure about PS, but in PSE 11 what works for me when I try to do this is to type my text, add the paint texture to the text layer, then duplicate that layer and add the Watercolor Fab style to the duplicate layer. Now simplify both layers (Sometimes I have to click simplify twice on each layer to get it to work, or go to the menu bar and choose Layer>Simplify Layer for each layer). Now with the top layer active, play with blending modes and opacity settings. HTH
Hi TeeCee, thanks for the tip. So far I can't find a way to simplify the layer unless in CS5, it's turning it into a smart object. I'll keep looking, but so far no luck.
In PS I think it might be possibly Rasterize, I'm not sure though - maybe someone who has PS will come along with more info for you.
In PSE 11, I right click on the layer and select Simplify Layer or go to the menu bar and select Layer>Simplify Layer.
CS6 has the choice to Rasterize the Layer Style. Right click on the layer in the layers panel, and it is one of the choices. I skipped from CS4 to CS6, so I'm not sure when that option showed up. Rasterizing the layer with the style applied will usually work too.
Holding down the shift key as you add more styles works, as long as the styles don't have the same options checked. If I have one style that uses a pattern overlay and I shift click to add a drop shadow, both styles will be applied to a layer. If both styles have a pattern overlay (or any other option in the styles panel) the second style you apply will overwrite the first - but only on the things that are the same. I'm kind of tired, so I hope that made sense.
You can also create layers from the styles (each option ends up on its own layer) and use them independently.