I tried Chris' technique for blackening engraved letters on brass. I took some 360 and sprayed it with lacquer. When dry I engraved some roman numerals at different depths (.005, .007, .010), then applied some Eastwood Brass Black. The depth didn't seem to make any difference. When I tried removing the lacquer with steel wool as suggested, a good bit of the black also came off. My conclusion is that I should polish the brass first, and respray the engraving afterwards.
I'm still undecided as to how to make the dial and chapter ring. Smith's dials are cut out around the numbers, meaning that the serifs on the numerals need to be connected to the inner and outer bezels. Other options are engraved numerals with blacking, and through-cutting the numerals. I'll wait to test when my fiber laser shows up (May or June). I'm heading out on a trip for most of this month anyway.