I actually just did it today - somewhat on accident. As far as removing goes, I don't know what would be best. I tried an overlay decal to impove the appearance of my faded arrow and didn't like it, and when I removed it, it took the arrow with. Maybe if you use some really strong tape you can get the same effect. I used a razor blade to actually clear it. It was tedious but it worked. For reinstallation I used some 3M double sided emblem tape which should work fine I would think. Here'* the link to mine:
Here'* a pic of my missing arrow. To get yours off try pushing something through that hole in the center. If I remember, that hole goes all the way through to the back side of the grille. The junk that'* still on there is a soft adhesive material with some paint stuck to it.