The best way i've found to do this is to select your text, or better yet, select the text layer (so you see it in the right color, instead of the opposite color) then go to your text tool, highlight the name of the font in the menu bar (across the top), then use your up and down arrow keys to scroll through the list. Your font should change every time you change the name of your font.
by the way, I have PS7. Don't know if it works in earlier versions.
--rj
PS. I'd love to hear a better way to do this, too!
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