Hey Robbo - just a hint with waterslide: if you have printed them yourself, spray some clear over before placing into the water - it help prevent some inks from running when it goes into the water...

As for the white bits - if you paint the headstock to enhance the white effect - you will get white in the centre of your letters unless they are blacked out or you are very careful with the white outline.
Also you will need it to be perfectly flat or it will show as a bump under the decal

Your logo is cool and i don't think you will miss the white drop shadow, but it's your axe, you have to get it how you want it