I'd also second Si's advice about the tape. Then, instead of messing with solvents you don't know anything about, sand it.
Use a 400 or 600 grit, wet, and use it with a sanding block, lightly. This will knock down the lettering without attacking the paint. Stop sanding every few minutes, wipe it off and check your progress. Keep it wet.
Once the lettering is gone, buff with a good compound and re-letter.
Please keep in mind.......you might want to consider some bolder, fancier lettering, borders, or whatever, since you could possibly have some ghosting or shadows from the old lettering, if they've been there awhile.