How Do I Change the Baseline Shift in Photoshop?

When using the Type tool, press Alt (Mac: Option) Shift ↑ (up arrow) or ↓ (down arrow) to increase/decrease the baseline shift.

How do I reset my character panel in Photoshop?

Photoshop remembers the settings you used in the Character panel (Window > Character). Things like Leading, Tracking, and Horizontal Scale. To revert to the default settings, click on the flyout menu in the Character panel and choose Reset Character.

How do I adjust tracking in Photoshop?

To set the tracking looser i.e. put more space between each letter, highlight the text with the Type tool that you want to affect, then press Alt-Right Arrow (Windows) or Option-Right Arrow (Mac). To set the tracking tighter, highlight the text and then press Alt-Left Arrow or Option-Left Arrow.