Why not just polish the part? If the engraving being recut is very shallow, take a rubbing or detailed pictures of it to send along with the part.
Naval Jelly has a pretty good amount of phosphoric acid & even some sulphuric acid. It’ll etch and put a dull finish on the metal that’ll need to be polished before finishing.
I personally never use chemicals to remove old bluing…I just polish it off.