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There are a couple more things that you can do to control things a bit easier.

1)  Put both of the "S" texts into a Layer group and only apply the Layer Styles to the group

2) Do the same for the two wings

3) As already suggested by IamSam you can position the text between the wings a bit better

I took your image, did the grouping, used the same effect yet only on the Text Group, on the Layer Group, I started with the same effect and reduced the Drop Shadow "Distance" to zero and reduced the "Size" down to around 21.

There are other ways to not have the interactions of which you experienced yet the effects you are getting in the image do include many interactions which give it its unique look.  So there is a tradeoff.

I have also included the modified PSD file as well.

John Wheeler

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