I was going to grind the letters off, fill it in with thin strips of styrene, fill the gaps with modelers putty, sand and paint. It doesn't have to be too perfect as it will be covered by the TNG style pill label. I may even omit the putty if the fill is good and put the decal on some very thin black styrene and glue that over it if the decal coverage is good enough.
I also plan on sanding down that huge circular mold spur which will then be covered by the large silver label. As for the recycle triangle, on many screen used examples I have seen what appears to be a bump under the silver strip right at that location lending the idea that it was unaltered and just covered up, but I plan on sanding mine down first.
Reference the image in my first post above. See how it the silver strip bulges out on the bottom right there? That is exactly where the recycle logo is located.