Inspired by a tank that's hanging at HawgHolic in a typical 1970's airbrush scene. Back in the day it was common to use stencils to achieve this look. Pretty cool to discover those techniques can be used in Photoshop in a similar manner. The trick is to make it look a bit shabby, and the lettering is supposed to look handcut and not too symmetrical, to achieve the perfect shabby look!
You should try it sometimes!