That wear is nice, but try doing it ala the official overlays. (I'm not at home so I don't have any references for you, but I'll try to describe it the best I can).
Make a few of those with different scratches in different places and one with no scratches, set them all transparent then lay them all over eachother. But make sure the transparency % you used multiplied by the amount of layers is not more than 100. (ie so no layers get obscured).
You could probably do this with one scratched layer and one unscratched, both at 50%.
Obviously you don't have to do this, I'm just describing how Valve (and etc) do wear without taking anything from the lettering itself.
Edit: Some of the lettering is also quite well-kept compared to the rest of it.