If you are refering primarily to a difference in color shade between where the lettering was and the rest of the hull, as sailingdog first commented, the newly exposed gelcoat over a few months should begin to conform and the difference in color shouldn't be very noticeable.
If the lettering was in place for a long time, the gelcoat everywhere else the hull gradually weathers away, while it is protected under the lettering. (Because of this, on my boat, only when the light glances just right against the hull, I can see that my boat's name "Wildaire" was once on each side of the hull. The name now resides only on the rear transom.) I suppose that one could wet sand the raised portion of the gelcoat to conform to the rest of the hull, but considering the gelcoat has been on your boat since 1977, it now might be weathered much thinner than originally applied. You would risk sanding right through to the underlying fiberglass layers. Not worth it.