I see some issues with legibility and contrast. First of all, you are starting with an Old English variant which are typically more difficult to read. Not impossible, but more difficult. So knowing that, you need to make good use of contrast to compensate. In this case you are not.
What you have done is what I believe is a common mistake. In an effort to add more interest to the type, designers will add a contour around the type and make it a different color. Nothing wrong with that... however, the eye is drawn to points(or lines) of high contrast. The higher the contrast, the more it stands out. The human mind pays attention to the space around the lettering as much as the lettering itself in order to interpret what it's looking at. This is why negative space is so important. Have you ever noticed how wide the kerning is on highway signs? What we as designers want to do is draw the eye to the actual lettering, not the contour.
By making the contrast where the outside border of the contour and the background meet stronger or the same as where the inside border of the contour and the lettering meet, you are featuring the contour itself as the main character, which makes the lettering more difficult to read than it needs to be.
So for example: In your sketch, you have a black background with a white contour then black lettering. Black and white are high contrast, so that's good, but the eye is drawn to the wrong part of the design. The "B"s are red, so in that case the eye is draw to the outside part of the contour more so than the inside part which is the border of your lettering, so the mind thinks the border of the lettering is where the white meets the black. This makes those letters appear to be too fat, swallowing up the negative space around the letters and making it even more difficult to read.
Now using those same colors together, you can rearrange them and use them to make the lettering stand out more. So, start with your medium color and use it for the background. The red is actually a darker medium color. We know this because when we convert red to its grayscale equivalent, it is actually a darker shade of gray than 50% gray. So you want to use a white as your lettering because it is higher contrast than black on red. Now by making the contour black you actually strengthen the contrast around the border of the lettering making the lettering stand out even more. Do a simple squint test and you can see the difference.
I hope this helps.