The text is Shelly Volante Script.

The slight mottling in the red hat is caused by the JPEG compression.

Here is the finished image. As you can see, I've made a few additional modifications. I selected the beard and changed the fill to Fractal Plasma and reduced the overall size and width as shown. In addition, I created a matching sideburn shape. And finally, I extended the shadow under the top of the cap.