Usually the extended snout is for a buffing or wire wheel, but whatever you use it for be DAMN careful you don't let any loose clothing get engaged with it. You will be a very unhappy camper if that happens.
Is the top label smooth or does it have any texture from the original printing? If it does, you might be able to take a "rubbing" off it using some thin paper and rapidly "scanning" a soft, blunt pencil lead over the whole area so that the bumps are telegraphed into the paper.
Or, more modernly, take a good picture of the badge and then import it into a Photoshop-like program and play with contrast and intensity to see if anything becomes visible.
