Quick and fairly simple way I've done it in the past..I use PSP 7, and am working from quick edits on Mackie's old Davids refit, so my blanks aren't as clean as they usually are.
a) do up your blank, and then do a vector based circle to match where your registry needs to go. Then vector edit to remove half the circle and reverse path to put the registry on the right side. (image 2 and 3). Now put in your text.. if you're doing the outline, go for a maroon-ish type colour, with an inside colour that matches a hull colour. If the inside black registry, then fill is black, and stroke matches your hull colour.
b) Hide your ellipse, and duplicate your layer. Now, change the colours of the duplicate layer to be the other part you need, black inner or red outer. Unhide and move your duplicated ellipse and resize your registry until you're aligned on your original. Rehide your ellipse. Play with things until you get something similar to image5. Kerning is your friend here to get a clean looking registry.
c) Registry is done, on to the next one! (image6). Save your blank and hang on to it for years... it'll help you with similar textures in the past.