Pretty clear that it is a failure due to moisture, which has almost lifted the printing clean off and washed it around the dial. I've said that the plexi needs to come off asap as there is still moisture under there.

Adam would welcome opinions on redialling, as the watch has sentimental value. If it were me, I would be tempted to service, replace the plexi and use the watch with the current dial whilst looking for an original dial (slim chance of finding a loose McLaren dial so I would consider a stock dial and having a redialler just add the McLaren text rather than trying to restore a whole dial) rather than having a redialler work with the dial that's there - it's the evidence that this was originally a McLaren dial after all, wouldn't want to lose that provenance.

But would you redial the original? Or do something else?