Hi - I'm after a font that overlaps in this way, I'm wondering whether it comes like that, or whether it's a bit of photoshop jiggery-pokery - any advice would be heartily appreciated!

Lubalin Graph  Vorgeschlagen von pilaster 

Yes, it is a bit of photoshop jiggery-pokery. Semi transparent layers.

Lubalin Graph maybe? demi? Either each letter in its own layer or (say in Illustrator) as separate elements, each with reduced opacity set.