I want to recreate something similar to the image below. The text doesn't seem to have been drawn along a path, the letters look as though they have been outlined so they can be moved individually outlining the object. Is this what is happening here? is there an easy way to make sure the text looks well spaced and alligned when doing this? Or am i totally off track and will this text just have been drawn along an open path?
That's just text on a path. And in case it doesn't flow well, adjust it.
In addition to what Monika said, you have two paths, based on one (you may start with the original outline, then Object>Path>Offset to get one path at a distance, then cutor copy it to apply two individual texts). To make both texts look right, you will need to apply Baseline Shift to at least one of them.