Hi Steve,
We use CS3 and create a new transparent layer, to which we ad text, in our case oZ lifetyle photography, which we put through the middle third of the image (avoiding heads). We vary the colour according to the background. In the right hand layers menu, you simple high-light the transparent text layer and reduce opacity to 25-30%.
If saved as a tiff or psd file you can leave the layer in and hide it by clicking on the 'eye' icon', flatten, save as a jpg at 100% and it is ready for printing.
If you will be presenting to clients regularly, I can highly recommend Pro select (
www.timeexposure.com )
For the investment of a few Hundred dollars, it prepairs images for slide presentation, allowing a toggle between colour, B&W, & Sepia, can add a vignette,
sort the images into love it, maybe and hate it piles, create orders, pricelists, proof sheets, Quick time movies with iPod tracks (50% of the impact at a showing comes form the correct choice of music - trust me on that) and export to a low res image set including your choice of water mark for publishing to the web. It would be the progam of choice for thousands of weddding and portrait photographers around the world. Best of all you can download and trial it for free for 30 days. You will pay for the program with your first showing.