heres what i got, i tried what pegleg showed, but tbh, he does it with a script.....then i had another look at jamac4k's pdf
played around a bit, deleted several tries and then it dawned me:
Attachment:
Bevel_revealed_.png
it goes like this
01. type your text (i used Sans Bold 430px)
02. alpha to selection and save in a channel (just in case)
03. shrink selection by 5px
04. invert
05. fill with black on a new transparent layer
06. deselect and blur by 10
07. alpha select your text again and make a layermask from selection on the filled-with-black-layer
08. duplicate black layer (with the layermask) and invert color
now you have two layers with layermasks: one black (shadow) and one white (highlight)
09. according to your lightsource, erase the parts on your layermask you dont want, by painting on it with black
if the highlight layer is on top, you only need to edit that layermask and leave the shadow layer as it is
10. set shadow layer to 'Multiply' 75% and highlight-layer to 'Screen' at 75% opacity