The problem I've been having with all this, right from the start, was not simply creating the outline, but maintaining the antialiasing both on the outer edge of the outline, and on the inner edge so that the border between outline ( blue ) and the inner colour ( red ) was still smooth and unjaggy.
'Twas Dave G's mention of stroking that pointed to the solution, and it simply involves a few mouse clicks.
Using PSE 9: Once I've typed the text, in this case a red G in bold Arial, I make sure I am zoomed at 100% - no lower, no higher. I read ages ago that whenever you are doing anything like this, always have the zoom set to exactly 100%
Then, I go to the menus at the top, and click on Layer/Layer Style/Style settings. Looking at the picture below, I tick the stroke box and select the size and colour of the outline, then click okay. Job done ! I've zoomed in to 300% just to illustrate that the antialiasing is fine, but as I say, the actual process was done at 100% zoom.
Now all I have to do is go back through the PSDs I was working with, find the one where the registration text is still editable( each letter and the dash of G-OPVK was a separate layer in order to get the spacing right ). I think I backed it up at that crtical moment, so it shouldn't take too long to redo the letter in red with a blue outline.
Blimey, what an epic. Thanks gentlemen, not only for pointing me in the right direction, but equally importantly, eliminating what wasn't going to work. Hugely appreciated.
I had a look at stroking in PSE2 and while it will stroke.. it only seems to want to do it if there's already an effect there. Got some interesting effects mind you.. some of which may come in useful in the future 
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