What you do is something called 'sealing'. You paint the locomotive its base coat of grey. You then mask off most of the locomotive, but leave exposed the part where the stripe goes. You apply the grey again, mostly over the tape, especially at the edge of the tape/where the stripe begins, but also on the area where the stripe will appear. Allow to dry thoroughly. Paint your stripe. Allow to dry thoroughly. Remove tape. If you have a little bleeding (it will happen, on occasion, but it will be extremely minimal, if at all), you can usually touch it up with a very small brush. The stripe color should be the color that bleeds, so touch up with grey. Do this under a magnifying lamp. Do the same for the yellow fronts. You can buy the thin yellow border striping, which can also cover up any bleeding, if there is any. You should apply the yellow stripes in sections, as trying to apply so thin a stripe to the entire locomotive can be difficult.
I seem to recall that MicroScale sold decal sets for Delay, Linger and Wait diseasels that included the stripes. The Erie-Lackamoney striping colors are the same. Lackawanna cab diseasels used that striping scheme, but I forget if their road switchers did. The stripes on the DLW E-8s are narrow enough to use on E-L road switchers. You can use the Delay, Linger and Wait stripes and apply the Erie-Lackamoney road name onto the stripes. It may take some time to complete the job, but anything worth doing properly does take time.
Now you see why railroads do patch jobs and dip jobs. Fancy paint schemes do look nice, but they cost too much money and require too much down time. Fancy paint schemes cut into profits which reduce dividends. If the stockholders do not get paid, the directors and officers get voted out of a job.
In the case of Erie-Lackamoney, I wonder if the stockholders ever got paid; hence its derogatory name.
Thank you for your consideration and support.