Thank's for the comments. Looks like this is the project that I'm fixated on for now and I'm loving it!
For the most part I was ok with the final paint job on the santa but I still have a LOT of room for improvement with getting the lettering more realistic on top of the spool. When I finish with the other two 2" blanks that I've already cut and drilled I believe that I'll use the next smaller size bit when drilling the center holes... I'm thinking that mine is a tad too big and that'd give me more room for the micro-lettering. If I were carving these in a "mass production" then I think that I'd look into getting some kind of rubber ink stamp made up.

But until then I'll just have to focus hard on my toothpick/magnifying glass painting skills.
I've also decided to try doing a bigger version of the spool santa. I'm already marking a 3" X 3" X 12" piece of basswood for the lathe so I'm getting excited about attempting one on a 6" piece of wood! I'm thinking that this size might make quite a striking impression sitting on the shelf... and the lettering might be a little easier without so much eye squinting.
This is indeed a fun one and I'm hoping that each new santa will be better than the last one. It's always kinda "gutsy" posting the first one of anything so hopefully I can only get better. Thank's again!