So, after quite a but of testing I've picked two of my best performing images a specific age group (51-60) that seems more receptive to my offer.
I'm now testing 4 ad copies on this demographic. No targeting is being changed, just the copy.
However, I remember reading somewhere that I may end up competing with myself... it's all a little hazy... 
Because of this hunch, my four campaigns have bids of 0.41, 0.42. 0.43 and 0.44. Is that the right way to set the bids if you have several campaigns targeting the same criteria?
Honestly, I'd recommend just running the different ad copies all in the same campaign. Your approach will work too, but the single-campaign approach is easier and ensures that all other elements of the test are 100% identical.
Righto - that makes sense. Thanks! 