Paint removal
First, are you sure it's paint and not vinyl lettering which has been popular for at least 15 years? Regardless of what method you use to remove the lettering, fading will have occurred to the area not covered by the lettering. If you plan to add a new name, you will surely be using vinyl lettering which is easily self-applied. If the new name is long enough and you pick a typeface that is heavy and a font size that is large enough, the unfaded areas may not be very noticable. Even if they are, the same sun that caused the propblem to occur will, in a season or so, cause it to disappear.