On some photographs, you’ll see a phenomenon known as chromatic aberration. That’s the fancy name for the color fringing around high contrast edges. For the most part, camera and lens manufacturers try to minimize this, and Lightroom and Photoshop are good at removing it as well. In your case, it looks like you wan to actually add chromatic aberration. So I’d set the type in Illustrator, render it into Photoshop, and then use a technique like this to add chromatic aberration to the resulting Photoshop image.