I had the same problem with my last boat. It takes time and patience but I got it done using a dremel tool and polishing coumpound. Don't press to hard and keep the tool moving or it will burn the paint.
Bill is on the right track, but use a full size buffer with lambs wool pad at about 3000 rpm. A good fine to medium compound and lots of it. If the compound goes dry you risk it getting hot and burning the name paint into the Awlgrip. It's the compound that does the work so if it goes dry it's like old sandpaper. If you're not comfortable with the buffer find a pro. If sign paint was used it is very high in lead to promote good flow. That also makes it a little softer than regular paint.
Depending on the age of the Algrip you might see the outline of the old name when you're done due to paint fade.
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