hmm... thinking about that, it would require a bit of trickery to change the letter spacing in the smaller version in order to centre them. Still, that's the method I would consider doing as it only involves some (probably minor) calculations and 2 string draws.
The other option I can think of that may be possible is to see if you could get a pixel shader to outline the text. That would manage it in a single pass rather than 2 (or 5) but would mean that with outlines, no other postFX effects could be done on text (unless it was exposed as a postFX function that could be called in another effect). It may not be possible to do entirely in pixel shaders though (the method I can think of would require having a vertex shader that creates a varying variable that can be used in the pixel shader to detect distance from the edge of the character)