Less and less I find the need to hand letter anything. Sometimes, though, it is preferable because hand lettering can be so much more expressive; can have more character. To successfully hand letter anything you need guidelines. These can be drawn out with just a ruler, but it's tedious to measure out the lines and the spaces between and keep them consistent. Fortunately there is an inexpensive tool for making guidelines called the Ames Lettering Guide. The Ames Lettering Guide is used with a t-square. It is a time-saving way to rule out guidelines. The rotating disc on the guide allows you to adjust the height of the letters in increments of thirty-seconds of an inch.
Here is a great how-to video from comic artist Salgood Sam. Visit his teaching website synstudio.ca
If you'd like to know more about lettering, I highly recommend a book called The DC Comics Guide to Coloring and Lettering Comics. It includes detailed instruction for hand and digital lettering.