Honestly, with such simple shapes I would just trace the entire thing out as opposed to trying to lasso/wand tool or otherwise tweak it using raster-based tools. With the amount of time you'd spend messing with lassos, wands, whatever you could just use the vector shape tools within Photoshop to recreate the elements and you'll end up with a cleaner and more accurate file.
After typing that I just went ahead and traced the shapes out. I left out logos and text, but the layered TIF file still contains all of the vector shape data so you can move stuff around, resize, etc. I did it very quickly so I didn't organize or name the layers at all, but you can figure out which layer is which just by playing around with it. This forum doesn't allow layered TIFs so I just posted it to some random upload site.
http://www.megafileupload.com/en/file/518949/punchout-tif.htmlI also left the original image as a hidden layer within the file in case that would be helpful... also attaching a PNG to this post.
edit: there were a few replies between the time I clicked this thread and the time I posted, so I didn't mean to step on any toes regarding the files!