Photoshop supports TrueType fonts?
Yes, I've installed several on my copy.
Here's a portfolio I had to do to get a "special" admission to a major in college (I applied too late). Anyway it's a long story and irrelevant. Notice the LCD-type fonts? Those are TTFs I downloaded online.
You can't "install" a font into Photoshop. You have to install it on your machine. Then Photoshop will automatically recognize it and add it to the list. You don't even have to restart the application.