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Using your example, A Walther P38/P1 pistol I assume... Since its a Class I firearm, the ONLY markings that you cannot modify is the serial number. As per current AFT regs.
As for the value of a resent "Post War" German military/police surplus "alloy" frame Walther P-38/P-1, they don't have any real collector value at this point in time... If its an "Interarms" import, 70s or 80s, "I" wouldn't touch any of the original markings since they have some collector's value.
If you need to confirm this, reach out to the ATF's technical branch.
I can tell you this much....short of a full rework, any removal of stamps WILL be noticeable. Perhaps not to your eye, but to a trained eye, they are. PLEASE believe me on this. If you do that, it WILL affect value, to the point that you could well spend more on just the "fixing" than the gun is going to be worth. I've seen restamped/reworked 1911's come into the shop that, had they been left alone, were worth $2-4k. Reworked, they were worth $5-700, because all they were at that point were "shooters".
There's a handful of shops in the country capable of turning out "true" reworks.....and the work can cost as much or more than the value of the gun.
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