Re-labeling a bakelite'62 Valiant/Lancer dashboard knob
Is the lettering engraved or embosses.
Looks like all you wid need to do is convert the "W" to a "P" and the "M" to a "K"
If the lettering is engraved you might be able to fill the 2 letters with epoxy, and CAREFULLY carve the 2 new letters.
Paint the knob black and highlight with white in the letters.
If the letters are embossed you could have all 4 letters machined off and have a set of letters on a backing machined or 3D printed and glue them in the space.