Sort of depends on the paint
used. A red two part paint
is as hard to get clean as it can get. Some pigments come cleaner than others. I had a two part red lettering on the transom over new oyster
Awlgrip. I had to wet sand then repaint the whole transom. It bled pretty bad. Some times you may be OK with a heat gun as the Awlgrip is harder than perhaps what was used for the lettering. Awlgrip is pretty tough but yoiu can take the shine off if you get carried away. Try a few very small tests.
Go easy at first to see if you can get it closer using the least agressive action. If you are lucky they used cheap
paint for the lettering. You could also paint over it in a contrasting color and letter inside of the painted area. Takes a bit more design sense to make it look right but you could.