About as good as it can get, given the how the model is texture mapped.
Here's a thought, how about doing a version where the letters are instead replaced by white blanks?
A bit like the barcoding Ferrari and Malboro used.
Gran Turismo does this to the Martini logo on the Lancia Delta S4, which is their way of getting around the laws about promoting brands of alchohol in games.
http://farm3.static.flickr.com/2770/4113091224_7953cda13f.jpg
Might work well as a compromise option?