CAN I CUT AND ENGRAVE IN MOSHIDRAW? ON THE SAME PROJECT?

I've gotten fairly decent results from my 40W Laser Cutter Engraver (bought on Ebay) after figuring out some of Moshidraw's quirks. My main interest is in cutting out or engraving letters. I use Coreldraw to export outlined letters (no fill, hairline outline) as a plt, import into Moshi 2013, and they cut fine. When I want to engrave letters I export filled letters as a bmp, import into Moshi, choose convex, and they engrave fine. Now I want to do both of these things on the same project. I want to create a name pendant by engraving a name and then cutting a border around it. I can line the plt and the bmp up on the Moshi workspace so it looks fine. Problem is it doesn't cut the way it looks in the workspace. The alignment is way off. Does anyone have any suggestions?

Thanks in advance,
Steve

PS: Or maybe I should just give up the struggling with Moshidraw and get that $100 board? Don't feel like spending $600 for the DSP board.