Here's what I would do......

1. take high res photos of all 3 inserts making sure the camera is directly above the insert.
2. Save image to your PC and use photoshop (or similar) to create the text you require - looks like you only need to recreate the word 'LANE'
3. get your sizing correct by printing the image you created onto a transparency sheet and laying the image directly over the insert being repaired. This might take a few goes to get it right
4. Once you are happy with the image, print as many images as you can fit onto a sheet of white waterslide decal paper - it must be white (not clear) for this particular job. Also, depending on how much light gets through on the waterslide you may need to experiment a bit - these are very thin and may need to be doubled/tripled up for the desired transparency. It is trial and error.
5. carefully cut around the text leaving the white border
6. When you are happy with the decal(s) you have made, remove the insert by gently heating from below the PF and tapping it out
7. Sand off the existing text - I use 400 grit then 800, then 1200 etc.
8. Apply the waterslide decal(s) to the insert - if using more than 1, make sure the one already applied is fully dry.
9. Apply clearcoat to seal the graphics (such a small area - just water based spray clear would do) or just mix a couple of mls of automotive clear (2pack) if you have it and brush it on.
10. Allow it to dry accordingly
11. Replace your repaired insert into the PF (don't forget to glue it!)
12. Play your game.

The first 2 steps of the above suggestion should be easy.

Take a nice above, straight over pic of the left lane insert and the right lan insert. Get both pics as level and the same size as possable. Then just cut the R from the right lane pic and paste it over the L on the left lane insert pic. Your touch up is finished.

Good suggestion on repair but 2 part automotive urethane will go on too "hot" with a brush - the decal will shrivel and be destroyed.

If using 2 part urethane, mist on the driest coat you can make for 3 passes about 5 minutes apart. Then go ahead and shoot the clear like you normally do.

Do a test run on a piece of scrap and make sure your technique is solid before experiencing the panic of the decal shriveling on your playfield, LOL.

Good call on the shrivel potential! I always spray mine but it seemed like a massive overkill to prep everything for one little insert.