1 Head Death: OKAY FIREBALLS, WE'RE GOING TO HAVE TO SEND COLONEL HAKEN BACK.
2 Death of Insanely Overpowered Fireballs: WHAT?! YOU CAN'T DO THAT!
3 Head Death: WE'RE A PROFESSIONAL SERVICE, YOU KNOW. WE HAVE CLIENT SATISFACTION TO THINK OF.
4 Death of Insanely Overpowered Fireballs: SATISFACTION?! HE'S DEAD!

Uh oh. I don't think talking to your boss like that is a good idea, even if your boss isn't in charge of Death.

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2013-09-02 Rerun commentary: Okay, I've figured out what was up with the weird text size effect when editing old IWC strips. Something in the back of my memory prickled and I remembered that I used to save the images at 92 ppi resolution, not 72 ppi. (I'm not sure what the reason was - it was probably the default resolution of a new image in Paint Shop Pro, the original editing program I used, and then when I switched to Photoshop I just made it consistent.)

Anyway, it seems that for some reason when moving all my old Photoshop files from Windows to MacOS, the resolutions of the images have been changed from 92 ppi to 72 ppi. I just tried it now, setting this image back to 92 ppi before replacing the text with ALL CAPS, et voilà, the original 10 point Arial that I used to use for lettering matched perfectly!

Since the ratio 92/72 is equal to 1.2777..., this explains why when I left the image resolution at 72 ppi, I had to use 13 point Arial text instead of 10 to get a close approximation to the size of the lettering already in the comic.