The lettering is an embossed lettering of some type! Its definitely raised, although there is no corresponding impression on the back side, so it wasn't ever stamped in. Its raised quite a little too and catches a fingernail easily. Don't know how they did it back then, but its really unique!
I think that a chemical bath of some sort, is the first order of business, and then a light careful buffing with a buffing machine. I'll get some tarn-X and try one little corner to see what happens.
Keep the ideas coming if you have any! I've done a lot of brass polishing but I'm just afraid of ruining this lettering as its so unique. Thanks---KEVIN