dbazuin
Actually there's no way to do that. And it specifically because PDFs can't do that. But i'm sure Adobe will get that hooked up sometime downthe road here.
Although... why would you want the text editable in PDF format? You should be able to import your doc into InDesign as editable. From there it's a quick switch to PDF. No?
Ruth
If you try a couple tweaks, you may be able to obtain sufficient results. However, we need to bear in mind that PS doesn't have the highest quality type around.
Below are a couple examples.
Both were origianlly created a pure semi-circles. Then, the Distortion filter was used to 'stretch' the type in the desired direction to create an eliptical shape instead.
If character distortion should occur, your only real options are to make small adjustments to the height/width setting in the character/paragraph options dialogue. These need to be used in conjunction with the Distortion filter, because they too will stretch the type. In order to see how they effect your specific type, you'll simply have to use them.
Hope this helps some. [honesty]
NOTE: click the sample image below for the fullsize version.