I'm assuming you have a one head printer and you are going to stop it, change to red, let it do the letters? Is that the plan?

It looks like the highest part of the letters it the height of the main body. But, the base of the letters is some number of layers lower. Are you going to have the head just go into the letter area and print? If the head moves too far the wrong way it will hit the higher print and mess things up. Maybe it's a shadow in the photo and the letters bases are the height of the rest of the ring.

I'm curious about this...