Ink is one of the best free Photoshop plugins on this list. So, if you work in sRGB, you're essentially leaving out those rich. Photoshop's default color space is sRGB (some pros refer to it as 'stupid RGB'), which is fine for photos going on the Web, but your printer can print a wider range of colors than sRGB (particularly in the blues and greens).
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First you will want to create a new video group so you can adjust the position of the text and placement over the clip. Below is a general description of the most used color modes and what they allow you to do: CMYK: Print mode.
