editing text as shape

[Cari35140126ha2w]

i converted this text to a shape and then i made it a smart object. you can see the y is overlapping that pink ribbon banner and i want to go back and edit the letter y. how do i go back and edit the text as a shape? or is it stuck as a smart object?

[melissapiccone]

Just double click on the layer icon in the layers panel and it will open your smart object and you can edit it. Just save and close and it will be updated in your current document. 

[LAMY2017]

Being "stuck" as a smart object is a good thing, Cari. Smart objects retain the ability to be edited.

I'm not so sure about converting the text into a shape; I don't believe that step can be undone. I'll have to research.

While I do that, you can play around with other work-arounds, such as breaking the ribbon into two parts, moving them apart, and creating the missing ribbon (maybe Generative Fill?).

[LAMY2017]

Melissa had the answer. I don't know what I was. Thinking? As long as the entire document is saved with its layers, the text will remain editable. Care to show off your final, Cari?

[Trevor.Dennis]

Whatever you do, don't rasterize the Smart Object, as that will turn the shape layers into raster layers.  If you want the SO content to be moved outside the SO, double click to open in a new window (for editing), and drag the shape layer back to the original document window (do you know how to do that?)

I like to edit complext shape layers with a combination of Path Selection tool (black arrow), Direct Selection tool (white arrow) and the Pen tool with modifiers (Ctrl and Alt ).  The advantage of the Pen tool over the Direct Selection tool is its ability to add and remove points.

While we can't turn the shape layer back to live text, there's nothing stopping us laying down the type again using the shape layer for alignment, and turning off the shape layer inside the SO.

[Bojan Živković]

As explained by @Trevor.Dennis, to edit a smart object layer, simply double-click on the SO thumbnail to enter editing mode in a separate tab. However, you won't have a "live preview" of the changes made. The only trick I know is to arrange two tabs using Window > Arrange > 2-up Vertical, and to save changes after modifying the Smart Object content by using File > Save to update changes and see the preview in the parent document.