CM - Old Timer Vintage Graphic Styles 106925
AI | Requirements: Adobe CS3+ | 7.64 Mb

No outlining necessary, apply to live, editable text - simply select your text with the direct selection tool, then click on the graphic style thumbnail and you're done!
Works on objects too. Scales to any size without loss of resolution.
Old Timer is made from Global Color Swatches for easy colour changes, or edit yourself using the appearance panel.