Sorry timber, I have started this twice and it loses me.  It's not your head that is the cause of your confusion.    It gave me fits and I gave up.    I like the looks of the tag but, it is too confusing for me. 

 

I gave up too soon.    I'm going to go for it again.  I'll let you know how it goes. 

Ok, I have tried this a dozen times and this is the closest I can get.  Hope it is helpful.  I don't really like the results but I was more interested in completing the tut.  If I do it again, I will choose a different tube and gradient. 

 

 

Above are my results and below are the instructions for what I did.

 

Open new image 700 x 700.

Create text as vector using American Captain font size 200 bold-no stroke fill white.

Center in canvas-selections from vector object.

Convert layer to raster

Keep selected

Create new raster layer above white text layer.  Fill this layer with a gradient to match your tube.

Keep selected

Copy and paste your tube as new layer above your gradient-filled text layer.  Move the tube where you want it.  

Copy and paste your tube again as a new layer and arrange it so it looks good in your selected text.

Go to selections-invert and then delete the part of the tube outside of your selected text.  Repeat this process on each of your tube layers.

Deselect

Go to your top tube layer and merge down so that your tubes are now on one layer.

Change the blend mode of your tube-filled text layer to screen.

Here I hid the white text layer and moved it to bottom.

Duplicate the tube-filled text layer and move one above the other on your canvas.

Select the top tube-filled layer and duplicate it.  On the lowest newly duplicated tube-filled layer, apply gaussian blur with radius of 10.

Repeat this with your tube-filled text layer that is below the first one on your canvas.

Now, you should have 2 tube-filled text layers, each with a gaussian blurred version beneath it.

Go to your uppermost tube-filled text layer and duplicate it again.  On the tube-filled layer below it, apply the VM plugin to this layer.  Change the blend mode to the uppermost tube-filled text layer to screen.

Select the bottom tube-filled text layer on your canvas, duplicate this layer. On the layer below it, apply the VM plugin and change the blend mode of the layer above it to screen.

Highlight the top layer of your layer palette and paste your tube as a new layer.

Positon it as you want.

The tut has you then duplicate this tube layer and apply the VM plugin to the lower of the two tube layers.

 

Add your credits and signature.

 

I am still not sure if I did this is done correctly. 

 

I applied a drop shadow of 1, 1, 25, 2 black to my tube, name and each tube-filled "Unique text" layer.  The font for my name is a  font called Narziss Swirls.