It's common in graphics design, but pretty rare for dialogue text in games! Have you seen the effect in another game? That might give me an idea on how it was implemented.
What is the effect going to be used for if you don't mind me asking? If it's something like short UI elements or decorative text, it'd be way more efficient to just render what you need in an art program and drag that into Unity... I can chase efficiency all I want, but I can't beat a .png when it comes down to it! (With raster-based text rendering, anyway!)
The only way I can think of doing it *now* (and didn't care too much about efficiency) is...
Set the outline colour to something to use for a chroma key (lets say green), and then have it so that text is on a layer that's only captured by a camera obeying that chroma key and replacing it with whatever you need.