Patch over guide logo

What is the condition of the rest of the raft?

Usually outfitter surplus rafts have some age and wear, otherwise the outfitter would still keep them in service. If you scored a gem that is otherwise in excellent shape I would pay the $300 to make it look pretty. It will look nice and really help the raft hold its value. If it has wear spots, patches, and other repairs I'd probably consider just patching over it like you mentioned. Pretty managable and inexpensive if you have at least some experience with patching and glue work. Another alternative is to buy PVC paint if you want to cover it, but the end result will probably look like a paint over job.

If the boat is a beater I would just rock that logo as long as the company hasn't sold you the raft with the condition that you remove their name. And even then it's their problem for selling a raft, being lazy, and not taking care of the logo themselves.

Is the logo painted on over the orginal color? If so you could simply try to sand it off. I had the same thing on a hyside and sanded it with an orbital sander and medium to fine grit sandpaper. If your even remotely handy with a sander it's quite easy. You could always try a little spot and if you feel it went too deep put a patch over it... On that old hyside the outfitter ground off some of the letters leaving "clever" little sayings and where they did it they ground too much, so I ended up doing both. Where I sanded it you couldn't tell there had been lettering after a year or so (material faded to match) and where they did it I covered everything in a patch. The only pics I have were taken 10+ years after the project and you can see the patches but not even a hint of where I sanded letters... I know I'd try that before spending cash... but 300 really isn't that bad for peace of mind.