Pete I have done this exact process both ways. Getting white decals is the first hurdle but seems you have covered that.
I printed these decals on an Inkjet using Tester’s brand decal paper. The entire oval is the decal. I had mixed results. The film is thin and the sheets are photo sized which caused some sizing issues on the final product. In general I just don’t recommend it. It did lay down over the rivets well but it was finicky.
I have also used the stuff from Micromart. It works much better and is standard paper size. The decals are one to one when printing your graphics. I make mine up in Power Point and print them as slides not Jpegs. It tracks through the printer easily and lays down well. I used it on the triple dome project.
I have also used the reverse mask with vinyl lettering. The background is sprayed the desired color and then the body color, Peel off and do a little touch up. Bam you are in business.

Same process with the pickle and tank car projects.
I used Times New Roman because I could buy sheets of letters at Hobby Lobby. If you Cricket your own or have them made you can get any Font you want same as decals.
The Vinyl mask bleeds under and needs touched up. Be prepared to do a little brush work if you go that route.
I do like the paint better. It doesn’t silver or curl. It is extremely durable and not subject to fading. You get the exact color you are painting with. It does not shrink as some decals can do after a year or so.
You can also do aggressive weathering technique like this one done with sand paper.
I have printed both Inkjet and color laserjet. The inkjet graphics can run if not sealed before soaking them. Cold water, no soap and don’t let them soak. Get them wet and then pull them out (still on the paper) on a clean ceramic tile. Keep wet with a few drops of water. Test them every few seconds until they move, then get them on the model. Push out the extra water with new clean sable paint brush and get off of it. Blot don’t wipe. The film is going to get sticky and you don’t want to be touching it when it softens. I highly recommend the Micro-Sol system over Walthers Solveset. Solveset is a “hot” formula designed for commercial decals printed with paint.
If you go the decal route make sure you give a first coat of clear high gloss. After you are done you can hit it with Dull Coat to knock the sheen off.
Now if you really want to know what I think I can give you my opinion on the various brands of water based acrylic paints.