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I would recommend doing such things in Illustrator.
edit: … a combinatoin of Layer Styles and Blend if-settings would allow to keep the text editable.
I added something to the previous post.
That looks great. May I please ask for the steps you took to arrive at that? I'm fraid I'm a total newbie at Photoshop.
• Two Type Layers, one with Layer Style Stroke and a white Solid Color Layer …
• … in a Group with a Blend if-setting …
• … in a Group with Fill 0% and a Stroke.
I have to admit, though, that I used the Blend if-settings to show the white parts and it would have made more sense to show the black parts.