Photoshop :: Applying Effects To Multiple Layers Simultaneously

I'm working on an image, and I need it to say "The Wedding of Jane Smith."

I have 4 different text layers showing up, and they're all visible. (a real small "the," a much larger "Wedding," a small "of," and a large "Jane Smith.") I like to have the different words on separate text layers so I can move them around and lay them out the way I like.

I got to the point where I wanted to apply blending effects to the text (drop shadow, bevel, whatever). Now, since I have 4 different text layers, what I'd normally do is merge them into one rasterized layer and then do my effects. But I'm wondering if there is a better, more non-destructive way.

I do video graphic design at my job, working with a video editor, and it would be extremely convenient if I could apply effects to multiple text layers without first rasterizing and merging the layers. i.e. when my boss or the client is looking over my shoulder, and I can show him what the text looks like with the blending FX without having to commit to the text placement/size by rasterizing/merging.