PMDG 737 VC Registration

Hello,

I'm new to painting and I'm finishing up my first ever repaint.  The only item I have left is changing the the virtual cockpit registration number from N738PM to whatever (in this case HZ-ATR).  No matter what I do, N738PM shows on the registration plate, not my desired tail number.  Here are my steps:

1. Open the VC registration number PSD and change the registration from N738PM to HZ-ATR using the text tool.  I should probably mention that I do not have the default PMDG font so I resolve it with a similar font from the fonts library.
2. Copy the entire registration plate using Ctrl C
3. Click on the Alpha channel tab and hide RGB and show the Alpha Channel (what I see now is the registration plate in black with N738PM in white)
4. Paste the HZ-ATR over N738PM
5. Inverse select the background instead of the registration number
6. Black over everything underneath HZ-ATR so what I have left is the registration plate in black and HZ-ATR in white.  There are no traces of N738PM.
7. Hide the Alpha Channel and show RGB
8. Click on the layers tab, now HZ-ATR is displayed with a gray background with the default effects
9. Save the PSD
10. Flip the PSD vertically, and past and save as DDS in the appropriate SimObjects\Aircraft folder

Can anyone tell me what I'm doing wrong?

Thanks,

James Castonguay