Object Selection Tool

The Object Selection Tool works great with one exception.

For some reason a small piece of the text is missing (the . on the !) once I  eliminated the background. Weird!

Additionally, there are a few areas of the object that don't get highlighted like most of the object. And that makes the finished result look bad. And lastly, there are a few areas within the object that need transparency. Is there any way that this can be fixed?