LaRue, in general it looks quite good, I really like the direction it's going--but there are a couple small changes I'd recommend making.
The main thing I'd recommend is to tweak some things to make the "<" look a bit more like a "K". As is, when I first see it, it looks like "C"-"L"-"symbol for 'less than' ", not "CLK". Maybe shorten the bottom leg of the L slightly, so that the point of the < is actually touching the vertical leg of the L? If you need to, reverse the slant angle of the lower right corner of the L, so the < fits in there better.
Also, if you want the text underneath it to be more easily read (and easier to embroider clearly), especially on something the size of a chest embroidery, enlarge that line's font size, and break it into two lines--"Carolina" on the first line, and "Lock & Key" on the second. Have the "Carolina" be in a slightly larger font size than the second line--which both emphasizes it a bit over the second line, and allows the two lines to be the exact same length.