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There is one trick you can do if you do not want the center to expand such as the inside of an 'O' or 'R'. The outside layer should be the lowest layer. Adjust the outline or stroke as you want it. Then convert the lowest vector text layer to raster and erase the center section. Now the stroke will show only on the outside.
I sometimes use the feather tool to make outlines on logos. But it usually creates a gradient that is too wide. What I do is make a selection (using the magic wand) of the original logo, create a new raster layer below it and flood fill it with the outline color. This will probably have ugly edges. You can anti-alias it if that tool is available or add a slight bit of blur to the outline layer. This will smoothen the edges. This can also be used for letters.
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