Rob, the thing about sticking to the grid and not extending past the boundaries of the vertical column is, you can only kern lead type so much. I didn't have a more condensed face, and this is as close as I could get. Normally I wouldn't have done it this way, but that's the cool thing about letterpress, wood and lead type; the normal "rules" of typography and the grid just don't seem to matter.
You know, it seems trivial, but if I were doing a poster like this, my neurotic adherence to the grid might not permit me to extend "The Honorary Title" beyond the boundaries of that meticulous vertical column. You did it, though, and it actually strengthens the composition. Bravo.
Boy, that was a nerdy observation. :-?