When I create a title clip, there seems to be no option for putting a shadow under the text. This is a MUST for a title sequence if you want the titles to be readable on footage with varying brightness. How is this done?

In the title editor there is an outline dropdown box - next to the underliner button. Choose a width for you ouline in that dropdown and choose a color from the box next to it. And bingo - you have a shadow behind your text.