The decals are not painted on. They are screened on then the frame is clear-coated over. If you strip the clearcoat off and file off the letters yourself, you're not going to just be able to spray over the frame with Krylon clearcoat and give it a day to try. I've heard a few horror stories about people fucking up their frame trying to rid it of Bianchi's name. But I've also seen it done sucessfully. Off hand I don't really know how you would go about it.
I'd just tape the frame in electrical tape or wrap it in innertube.
my -.02