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A good gunsmith could get rid of that for you,but, seeing the engraving is on the frame, it will cost you a complete bluing job. Think it's worth that kind of money (will probably cost as much as the price of the pistol...)
Cheap way, fill it, sand it, blast it, then paint it(gunkote, armakote, etc.). Could sand it down and have it re-annodized, but that would probably cost as much as the gun.
Not worth the trouble IMHO.