It does not look right to me...yes, it is the expected (and normal) path, but it looks "off" to me.
One method would be to isolate the "Dod", the "g", the "ers" and the flourish from the "s" into separate closed-vector v-carve toolpaths. You may have to experiment a little where to truncate the closed vectors so that the v-carves don't interfere with the adjacent ones and keep a "flowing" appearance. The toolpath preview will be very helpful to determine when you've dialed it all in.
Maybe a better idea: Keep the original vectors to carve as-is, but also make closed vectors for the "g" and "s" flourish overlap areas to "clean" the crossover areas.
-ShopBot Buddy PRSAlpha CNC