Nice! That’s exactly what I’ve been doing.
Also, when typing your text I find it best to stay between 13 and 14pt type for more legibility. Sometimes I would try to change the letter spacing to -10 if I can’t squeeze certain words in.
Also, in Photoshop (especially those older versions) after clicking on the Type icon, try to draw the Type box first, by simply clicking and dragging your mouse cursor in the bubble. It’s easier to control the width and the height of your text area that way.