While I don't have a copy of Photoshop here at work, I do have Irfanview... So with a little resizing and a 100% quality JPEG we get this:
Looking good so far, the text works better in the new position. I don't know much about Corel, but if it is possible I'd suggest adding a glow effect to the smaller text to make it more ledgable, and / or go for a thicker font
I tend to design my sigs at the size they are intended to end up at, as it allows you to more accurately account for layout, effects and ledgability. I don't know how Fisty goes about this process, but I'd resize the background image to the size you want it to be (329x200 in this case) then start to place the text
Don't be afraid to allow the Vanguard logo to go infront of the Axe either, I don't think it'd cause too much of a problem and would help keep the text layout aligned.
If you want to get REALLY clever you can make the Vanguard logo go
behind the axe, could look good... I have some ideas that I'd like to try, I'll have a poke at it tonight... 200 pixels high might be a tad large, I wonder how it'd look at 150... hmmm...