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Salt water etching is easy enough, if a little crude. Before I retired I'd have used p.c.b. kit - CAD and photo resist for the mask, and etched with ferric chloride in a bubble tank at work: now I make do with kitchen equipment when Mrs.E is out.
The hardest part is probably transferring the art work in etch resist - apparently straightforward if you've got access to a laser printer, which I haven't. Humbrol paint seems ok for the 20 minutes or so at around 0.5 amps - about 0.2mm depth, which is probably enough for this kind of thing.
MrE
@fizzy.bleach
That's a cool idea. I had a half a mind to do my own etched badge. Is that side pretty easy.?