Because this is going to be printed via silkscreen, really tight registration can be tricky, so the aim with these iterations is to find the right mix of tightness without sacrificing readability and the design intent. Overprinting helps solve the tightness problem to some extend but also opens up an interesting visual effect since the inks aren't completely opaque.
There's also still a small concern about type size to ensure that the letterforms don't fill in, but the current sizing should be more than able to handle that. The right choice of typeface helps too.
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