PSP7 layering question

Is it possible to merge several alpha layers into one in PSP7.

example: to use the word "start" in the start menu. as a single image with one alpha channel it looks great. but with five images creating a usable alpha seems almost impossible. I can create five seperate alpha channels but when saved as a png, it only saves one. I've attempted contracting and feathering with unsatisfactory results.

anyhow, thoughts, suggestions appreciated