In vegas you'd have to do a bunch of project nestings probably. In premiere and after effects you can easily achieve this through the track matte.
In any case, as far as vegas is concerned, here's what I think you can do:
- In the most inner nested project create a blue text with a black outline and place it on a green background
- Nest this project in another project. Place this nested project layer on top of the original scene without the color correction, and apply a chroma key on the nested layer with the text set on blue. This way you'll have the scene showing through the letters, with the black outline, on a green background.
- Now import this nested project into your main vegas project. Chroma key the green background away and you should have the result you're seeking.
Unfortunately, there is no proper track matte in Vegas, so this is the way to simulate it, albeit it does not offer the same freedom with alpha values that actual track matte does.
Alternatively to this method, you can probably mask the layer without the color correction with the letter shapes, but I'm not sure how easy will the motion control be at this point.