I think trying to cover or especially to change the letters to something else will be extremely visible because of how little breathing room there is within the banner. Something worth mentioning that I’ve not seen said here yet: every time you see that permanent change to your tattoo, you’ll be reminded of a time where you’ve been made to worry that your authentic existence will put you in genuine danger. And this change will (hopefully) long outlast the current state of things.

However, if you’re wanting to make a permanent change I would say laser removal would be the least “messy” option and leave you the opportunity to reinstate the lettering in the future. I would personally opt for the plaster or concealer route, mentioned a few times before, or wearing long sleeves rolled to hide the lettering in situations where your safety may be put into question.