Sorry Michael but I 'butchered' your Lonely Socks file somewhat.
I decided to leave the lettering proud rather than pocket them. I ran an 1/8"BM around the letters to make them stand out even more.
My original intent was to color each letter a different color but I'm now inclined to leave the lettering natural after seeing what it looked like with 'Weathered oak' stain on the texturing. (Actually looks more grey than the picture depicts)
I still intend to radius the perimeter with a 3/16" round over bit and of course add the clothespins.
My dilemma is that wifey wants the colors and I want to leave it as is. We'll see who wins out.