I ran into this problem and created a new function called imagettftextblurthat I released as open source at https://github.com/andrewgjohnson/imagettftextblur
Here's how to add a shadow:
imagettftextblur($image,$size,0,$x + 3,$y + 3,$shadow_color,$font,$string,1);
imagettftextblur($image,$size,0,$x,$y,$text_color,$font,$string);
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