Open an image 400 x 150 with a black background. Now put a red border (or any color you choose) around it about 12 px should be good.

I have reduced the size here to make the image more manageble. Choose a font for the image or use the one I have attached. Make sure that you create the text as Floating and type the text of your centered in the middle of the image. Before you deselect copy and paste as a new image on your workspace, then deselect the original text.

Duplicate this layer and toggle the visibilty on the lower layer off With the Paint Brush tool using black as the forground color and opacity at 100% paint over all the text in the duplicated layer then reduce the visibility to 50% on this layer.

the second layer. Working on the second layer copy and paste the text one letter to the right of the bottom layer, like this:

And deselect. Raise the opacity back to 100%. We are going to continue to do this. Duplicate the 2nd layer, toggle the opacity off on the two lower layers and paint over the text in layer 3. Reduce the opacity to 50% in layer three and toggle the opacity on again in layer 2. The text will shine through and you can copy and paste the text again on layer 3 moving it to the right one letter. Deselect and raise the opacity back to 100% on layer 3. Continue on with one layer per letter. At some point you will need to add the text coming back on the other side. like this:

Continue on this way until you are one letter back from the where you started. Depending on the length of your text will determine the number of layers you have. I ended up with eight layers for ANIFAN.

Now toggle all the layers back on and save as a .pspimage file and open in Animation Shop. You should have the same number of frames as you did layers, in my case 8 in all.