Bigger Bevels - raster only

What we'll do: Get around Inner Bevel's limit of bevels that are only 31 pixels wide.

What you'll need: PSPX, PSP9, or PSP8.

Steps:

Start with a raster figure surrounded by transparency, like this:
Choose the Magic Wand and set the Selection Mode to All Opaque. Then click on the shape to select it:
Add a new raster layer above the layer containing the shape. Choose Selections | Edit Selection. You'll see a ruby lith representation of the selection:
With the selection in Edit Selection mode, choose Image | Resize. Reduce the size by whatever factor is appropriate for a bevel that has a maximum width of 31. For example, if you want a bevel for your full-size shape to be no more than 62 pixels (2x31 pixels), set the new size to 50%. If you want the bevel to be no more than 93 pixels (3x31 pixels), set the new size to 33%. If you want the new bevel to be no more than 124 pixels (4x31 pixels), set the new size to 25%. Be sure that Resize All Layers is not selected:

Click OK.
Exit Edit Selection mode by choosing Selections | Edit Selection. Use the Flood Fill tool to fill the resized selection with medium gray (R: 128, G: 128, B: 128). Turn off the selection with Selections | Select None (or Ctrl+D).
Apply Effects | 3D Effects | Inner Bevel. Set Width and other settings to give you the effect you want.
Resize the beveled gray shape to the size of your original shape using Image | Resize. Multiply the percentage you used in Step 4 by a factor that will bring the figure back to its original size. For example, if you used 50% for the reduced size, use 200% to get back to the original size:

If you used 33% for the reduced size, size up 300%. If you used 25%, size up 400%. Again, be sure that Resize All Layers is not selected.
Set the blend mode of the gray beveled shape layer to Overlay. The result will look like this:

Optional: Merge the two layers together with Layers | Merge | Merge Visible.

That's the basic approach. Here are a few optional steps you can use to refine your bevel:

If the shadows and highlights aren't distinct enough, duplicate the gray beveled layer (before you merge the layers). The blend mode for the duplicated layer should also be Overlay. You can also try using Hard Light or Soft Light instead of Overlay on any gray beveled layer.
If the bevel isn't smooth enough, toggle on Lock Layer Transparency on the gray beveled shape layer and then apply Adjust | Blur | Gaussian Blur, using whatever setting looks best. (NOTE: This works correctly in PSPX, but transparency lock is not correctly observed in earlier versions of PSP.)
If the beveled shape turns out to be somewhat larger than the original shape, then before merging the layers, go to the original shape layer and select the transparent area outside the shape with the Magic Wand. Make the gray beveled shape layer the active layer, and then press Delete to remove any part of that layer that falls outside the original shape. If you also have a duplicate gray bevel layer, then make that layer the active layer and press Delete to also remove any part of that layer that falls outside the orginal shape.

Here's an example of a 62-pixel bevel where I've duplicated the beveled shape layer, applied Gaussian Blur to each of the beveled shape layers, and deleted areas that fell outside the original shape:

In this case I used Overlay on the first gray beveled layer and Hard Light on the upper gray beveled layer.