I have never found that need to mask off the lettering. I simply spray the letters the color I want them first, let the powder flow out but it doesn't need to completely. Cool down, shoot main color and carefully wipe powder of lettering. I have done probably 50 or so valve covers like this with no issues at all.
Heres my last 2 , while not 2 color. The letters on the "Da Motor" one were sanded after coating, the Honda one was polished then sprayed, letters wiped and then cured.
I usually just shoot the whole cover with the letter color as a basecoat, fully cure and let cool, then yes you shoot over that with the main color, wipe the lettering clean, then it goes into the oven for final cure of the second coat.
Elite Powder Coat
I just did my first multicolored valve cover and I couldn't be happier with the results! This thread has been very helpful!
So is what you are doing is spaying the red on first, letting it fully cure. Then spraying the black on over the whole project and then wiping off the black where the red letters are then curring it again. Is that how you are doing it. Sounds pretty easy I guess. I wonder if the dual voltage EW gun will powder over curred powder coat.