I like it and the black spoiler. I can see how your feeling about missing the black letters to break up all the blue, which is what the spoiler is doing. My suggestion would be to look into blacking out the angled piece in the middle of the bumper. You can buy a sticker for it so no need to paint anything. I've seen that look good and bad, depending on the car. Maybe photoshop it first or something.
I'm planning on trying that this weekend. I have a couple friends in the vinyl sign business and they hooked me up with a lot of black. I think we're going to put it on and see. If I don't like it all I have lost is a little vinyl, a little time, and probably a beer or two.
Here's a comparison shot.