In RC model boat racing I hand-cut my own lettering from Monokote vinyl trim sheet with an X-acto knife. These pictures show a 2-layer cut I did to produce a shadow effect. A sign shop might do the same thing using a lazer cutter machine or paint printer for about $50. The raised nature of the letters adds interest and really is no big deal when waxing. The Monokote is glossy, very durable, and withstands race abuse and sunlight for years.

The Zenoah decal was done by hand-cutting the blue lettering and applying it to a red monokote sheet, then cutting freehand around the letters to create the background shadow. Then moving the whole thing to the boat. The Zenoah letters are only about 3/4" tall.