I had a snipe removed once on a French poster for The Skull (1965) to reveal the original title underneath: this is because when it was released in France, promotional materials had to be changed at the last minute by pasting a new title, Le crâne maléfique ("The Evil Skull"), over the original French title Les Forfaits du Marquis de Sade ("Infamies of the Marquis de Sade") on posters and lobby cards, after legal action by the present-day Sade family. However, there was no paint involved in this particular instance, as the new title was printed on the snipe that was then glued to the old one. Depending on the type of paint that was used here, it might be more difficult to remove, but I would think a good restorer should be able to.