I'm currently working on modeling and texturing a hard cover book. I'm going to UV map a texture with photoshop. My question is this, in the shading of the book, how can I make only the letters of the book shiny/reflective?
Use a layered shader. Give the letters their own material, something that has a high specular, and use a texture (or the alpha channel of the letter texture) to control what is shown underneath , then use a material with low or no specular for the base material.