Text in Elements 9
How can I make transparent letters on a coloured background in Elements 9?
You also said that you will be using various colours to mask the underlying images, so I suggest this procedure which will give you great flexibility:
Create a new image.
Double-click on the background layer to convert it to a normal layer.
Use the Horizontal Type Mask to enter your text.
Hit your Delete key to punch a "hole" in the layer.
Add a Color Fill adjustment layer above.
With the color fill layer active, use Layer...Create Clipping Mask (Ctrl+G) to use the layer with the "hole" as a clipping mask for the layer with the colour:
All the non-transparent pixels in the bottom layer (Layer 0) will be perfectly coloured with the colour fill layer, including the anti-aliased edges:
Save the file as a PSD file to preserve the layers and transparency. Now, when you want a different colour, it's easy to double-click on the icon for the color fill layer and choose a new colour. Use File...Save For Web to save the result as PNG-24 image -- the PSD file will remain unaltered so you can easily return to it and change the colour.