Ok, this helped me figure out how to accomplish what I wanted.
1. I copied each color channel into an separate file and used the channel data to create an alpha mask.
2. I filled that alpha in a separate layer, so I could then apply a bevel.
3. I made the background layer dark grey to remove any halo around the font edge.
4. a flattened the layers and copied the resulting image.
5. went back to the original packed font bitmap and selected the color channel that holds the characters I bevelled.
6. activate the alpha selection of this channel and then > paste into
7. repeat steps 1-6 with the other color channels, then go back to Unity and create the font as outlined in your helpful youtube video:
http://www.youtube.com/watch?v=dY6jQ7d2iusNow if we could get outline support in a pack fonts shader standard I will have 100% flexibility with custom fonts.