If it is horribly scrawled with an electric pencil and looks like a ham-fisted illiterate monkey couldn't color in the lines,...then yes, it would detract from the value. Pictures would help us here, but for myself, sight unseen, I'd say it makes it about a $400 gun.
But, if you sand it off and/or wear it down,...then you need to cover up what you have done, or it will look even uglier.
I knew a fellow once who had his stainless Colt 1911 confiscated as evidence in a burglary case when it was recovered from the burglar. But the police ENGRAVED the case # on the top of the slide. He had access to a machine shop, so after scouring with sand paper enough to remove the case #, he then sand blasted the entire pistol, giving it a very tactical frosted matte finish. It looked new and from the factory, although Colt never did a complete matte stainless model. He was proud how it turned out and actually preferred it to its original finish. I'm guessing it might work on your revolver as well.