Is there a text effect for Sony Vegas Movie Studio for light reflecting off metal?
Vegas Movie Studio or Pro versions do not have a text option already set up for this but there are a couple of ways to get what you want.

One way is to make a composite by creating two video tracks one with the text and the other with the image you want to bleed through the text, here are instructions on how to do what is called a 'masking track':

http://www.sonycreativesoftware.com/creating_masking_tracks_in_vegas