So, are these plastisol or cut vinyl?
If vinyl, you may be able to merely dab the offending letter with spot remover, acetone, or MEK and peel the whole letter off, and then replace it. (with an "I" or even "L", it can be hand cut if you have the material. With care, and skill, you mak be able to only lift the "tail" and do a trim with an exacto knife. Then, of course, a re-press.
If, it is plastisol, yes you may be able to blast it off, but I doubt that you can do it cleanly with a straight edge. You also run the risk of making the surrounding letters brittle.
The deal breaker with either type may be that the spacing will not be the same with an "I" rather than an "L", so, if it's indeed vinyl, you may be able to remove the whole name, and then merely re-press it with the correct one, no need to re-print the front.