Got this idea from my camaro buddy who painted his raised letters on some aluminum valve covers. They looked fabulous.
Tape the outlining areas getting as close to letters as you can. You will need so lightly sand chrome so I would do that now. Then get some playdoh or clay and smear in between letters. You can then use a small screwdriver, knife or whatever pleases use to scrape doh or clay from top of letters and get the exact surface you want to paint. Then use a surface prep cleaner ( Prep-sol) or such and clean surface for painting. I personally would use an etch primer, then top coat. Once it dries, then you can peel out playdoh or clay and finish clean up.
NOTE: he had to spray his valve covers with clear coat first as playdoh is oily and was soaking into the aluminum causing paint to peel, may not have to worry about that since all your parts are already painted/chromed. I personally would use clay as it is water based and may clean up easier....not sure, test something old first.
also make sure you tape/paper large area of door/fender whatever to prevent overspray.
Let us know what you do and how it turns out!!!!
_________________
'99 Tahoe, 3" BL, 285/75/16's , MT II's.
'05 Liberty Sport, -wifey's
'98 Poncho Fireturd, 3.8L, .....the purple pig!

