Hi all.
I am in the process of refurbishing an Elite Throttle Quadrant I picked up on eBay for uber cheap and need some advice. Here is a generic picture of the unit:

As part of refurbishing the quadrant electronics I also plan to spray paint the body prior to reassembling the unit as the old paint is rather faded. Pretty cut and dry, I've repainted metal surfaces before....but I'd really like to either preserve the existing labels painted on the throttle or create painting masks so I could apply my own.
Anyone have experience with this? I've not had much success with Google and I am assuming that repainting will be the better option. I also assume I'd use software to create the stencil, print it out, cut out the letters and tape the masks down on the surface. What software should I use? Is there a specific type of paper out there I should use to do this?
I know this isn't a crafts and hobby forum..but I figured enough geeks are on here that someones has to have done something like this before.

Thanks in advance...