These were my basic steps:

• Decide on a font and print it to size - you can do this in almost any word processing or graphic design software - even Notepad. Suggestion: pick and easy font with a minimum of curves - and pick and easy name. I think I'll go with the Ill Eel next time.
• Lay down a layer of tape. Use as wide a tape as possible. If you need to use more than one strip of tape, overlap - don't try to butt it edge to edge.
• Tape your template firmly to the tape layer and cut out your letters. Use long strokes to make smooth edges.
• Remove template and the cut-out letters Mask off any area where you don't want overspray.
• Spray (or stroke, I guess) on the paint - light coat, allow to dry, heavy coat. Remove masking and you are done.

And don't use that blue tape, it sucks.