I have used the blue masking tape on several projects.  Did not use spray paint but brushed in Acrylic Paint.   Worked fine.  As to the small pieces of tape in the letters like small e or an a a simple pick lifts them off fine.   I have a couple of dental picks that the dentist no longer uses.   
Lately though just woodfiller with eye candy brand tints.   Even very small script filled nicely.  Did use tape first to control any charing or burning.  

Ron