Starting with Base 3, (I changed it's color to blue using a clipped H&S adj layer set to colorize)
[ATTACH=full]134565[/ATTACH]
Duplicate. (The duplicate is white) Base 4.
[ATTACH=full]134566[/ATTACH]
Using Base 2 to make a selection and then inverting the selection
[ATTACH=full]134567[/ATTACH]
Add a layer mask.
[ATTACH=full]134568[/ATTACH]
Now using Base 1 and base 2, make this selection
[ATTACH=full]134569[/ATTACH]
On a new layer fill with white. Base 5
I changed it's color to blue using a clipped H&S adj layer set to colorize
[ATTACH=full]134570[/ATTACH]
Now for the last part!
On a new layer make this selection using Base 2
Fill with white.
[ATTACH=full]134571[/ATTACH]
Then go to SELECT > MODIFY > CONTRACT and enter a pixel amount....mine was 25.
Hit delete.
[ATTACH=full]134573[/ATTACH]
Now change it's color to blue using a clipped H&S adj layer set to colorize
[ATTACH=full]134572[/ATTACH]
All layers colors are editable!
Done!