My buddy just recommended another way of doing this. It seemed quite brilliant to me anyway and will be the way I do it this weekend. He used to do the touch-ups on elevator buttons.
Take the panel off. Clean thoroughly to prep for paint (i.e. acetone cleaner) Here's the cool part - Don't worry about any taping or keeping a steady hand with that tiny brush. Place the panel somewhere firm so that the lettering is completely level. Use a needle (available at any arts and crafts store) and "inject" the indented area with red paint. Allow the paint to spread and create a thin smooth layer (no brush strokes). Repeat if necessary. Do same with a clear enamel and done.