As a newbie I have undertaken changing cabside numbes, logo's etc whilst I have gutted and fitted out the garage and now making baseboards. So far the best way I have found is using T cut. I use a stiff brush ( picked up a great selection of 50 brushes in a pack from "Hobby Lobby" whilst in the States this year) taking care to be local to the item to be removed. It takes a little brushing to get it started but once it starts disappearing it goes quickly. As it is a liquid you do get some liquid running, but it doesn't effect the area unless rubbed. It dries and leave a white residue. Water and a soft brush gets rid of it. T cut is an abraive and does take of the surface a little at a time but has been the least impact to the surface finish I have found. It can be found in car spares and garages. Will watch with interest to see what others suggest.
Most Bachmann applied paint (lining, numbers, names, totems, warning plates) may be removed with just a little white spirit (paint thinner/brush cleaner). Apply it in a way that you can control the application to just the desired area, and don't rub: a cotton bud is usually a good choice. Sometimes it needs more than one application, but it will effect a clean removal with no marks on the underlying paint. T-Cut will do the job, but typically leaves a polished patch. That's my usual method on Hornby, whose paint resists removal by paint thinner.
I have removed numbers from Bachmann Mk1 coaches using T-Cut. Funnily enough, there is an article in the current Hornby Magazine (Issue 19, January 2009, page 98) detailing the method used.
I assume this would work with your locomotive "overhead warning markers", as all Bachmann transfers are probably applied by the same process.
I recently did a Bachmann A4 Seagul into Bittern. I removed the cabside numbers with just the end of a wooden cocktail stick, no marks left on the paint.
I have also used Meths on a cotton bud and a fibreglass pencil.The latter is a last resort as I have found the thickness of paint on locos even from the same manufacturer varies greatly and it's easy to rub right back to the plastic without realising.
On the T-Cut front I would recomend Auto-Glym cutting polish rather than T-Cut as it's a finer abrasive.
That goes for use on the car as well as models.
I have renumbered a lot of my loco and have used surgical spirits ,on a small paint brush.( Do not flood the model in it as you will lift off the lineing)
Then use a cotton bud and gently rub over the numbers and they just lift off.
This way you do not leave any marks on the body.
Hope this helps
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