buffing; paint

I recently wet sanded off hand painted lettering on my transom, but the paint discolored the gel coat leaving it slightly yellow. It’s also slightly raised where the letters were. What’s the best solution to get rid of the color? I don’t mind that it’s raised a bit.

I'm curious about Oxidation Remover. If there's something out there to help with Oxidation I'm all for it, but i have a cabinet full of pastes, waxes, compounds and polishes and I'm really not interested in getting another one if there isn't a good reason. What are your opinions/experiences...

Recently a member here suggested I "buff-out" my boat paint to perfection. I thought one could only buff gelcoat. I have a buffer, does anyone know what type of polish/wax I would use to get the perfect smooth surface without ruining the paint?