Thank you for all your help. It just wasn't happening in Flexi even though that's where I got the effect the first time. Ended up going through Ai and nailing it. Still bugs me as Flexi, from what I can remember was much simpler to achieve the effect.
Note: Design editor in Flexi wasn't a ton of help. Tried going through bit by bit and still had nothing. Odd part was the gradient steps were hot pink in my reference file from 2005. I dunno..?
For Ai people: Make a 2 copies of the lettering. Offset whatever amount you feel makes a pleasing drop shadow. Select your colors. Click "Blend" then Options. Set amount of Steps. Click Blend tool. Click on each copy. Ta-Da!