Yes, yes and yes.
(And to be clear, when I 'double checked' these colors it is from the info palette that I did that.)
More specifically:
I started with PMS 7490c.
Reopened the file later and changed it to 377c.
After hitting "ok" button in info palette, (then check mark to finalize text), I rehighlight the text ---> go into the color picker ---> select custom...and the color selected is now 576c.
My document color mode is CMYK.
I understand Photoshop might be compensating...so my question now is what document mode allows me to chose 377c?
What would happen if I keep it in CMYK and use a color overlay to get 377c? (Since it allows me to do that).
Thanks so much
cderosier