You will have to start in a vector program, type the text in you want, save it, then copy and paste it into photoshop. In PS, apply the effects you want to the text, save as a .jpg or .tiff. Place that image back into your original vector file. Make the original vector version the cut path, however your RIp requires it, and position it over the placed bitmap image where the cut line should fall. You can also duplicate the original vector image and use it as a clipping path to mask out any background you don't want (i.e the white box around the bitmap image). Print/cut that file.
FYI your color workflow needs to be spot on when you start transferring images back and forth between two different programs. If not, you will lose color information and the final output may not be what you expected.