I'd like to be able to set the stroke of some live text to knockout a fill that is offset so it appears as a shadow with negative space between the top fill and the "shadow" fill. I can't seem to find a way to do this in the appearance pallet. I would like the effect to to look like this image:
The white negative space between the yellow and the red needs to be transparent to show a background such as a photo, but it also needs to stay as live text for easy editing. Is this possible?