Well, this is probably considered old hat by now, but I blacked out the "Protection" and "Gshock" on my DW5600. I used Krylon Indoor/Outdoor matte black spray paint and covered the watch with blue painter's tape. I know some have used solvents to dissolve out the white, but I thought it best to simply cover it up. I did them separately because I was testing this out and didn't want to mess them both up if something happened, so that's why I am doing one at a time... I think it turned out quite well. What do you think?
Cut out piece to expose letters --
finished taping the rest of the watch then spray painted with this:
Then I got smart and removed the strap for the other letters:
I removed the excess from around the top of the letters by wiping it off while it was still wet.