Cover the sheet with two layers of your base color.
I cut the text out of vinyl and applied the reverse image to my sheet to create a mask.
Next, I painted the letters and after it was dry, peeled the vinyl away. Some of the paint lifted off with the vinyl, because of the wax resist technique. Exactly what I wanted! I used a cloth to rub off more paint, then sealed my project with Mod Podge. I used the Antique Finish to give it an aged look, but you can also tint your regular MP with alcohol inks to get a similar effect.
For my bowling sign, I used the trace feature on my Silhouette to copy an image I liked. As above, I applied the vinyl to create a mask, painted, rubbed off paint in the corners and on the edges, and finished with Mod Podge.
Disclaimer: I received many of the products used in this tutorial at no cost to myself. This is not a paid post, and all ideas and opinions are my own.