Thank you for helping. I found an easier way by asking on reddit. u/Grue wrote this: Duplicate the red background, use Color to Alpha to remove the red (use color picker to select the exact shade), then use this layer (which now should be transparent except for the screws) to apply screws on letters.
It worked but the contrast was too low. I added a luminosity mask to counter that and boom, like a true paintjob!
Thank your for taking time to answer