Primarily, this is a very low resolution scan so the image is very blurry. It would be highly difficult if not impossible to pull a sharp enough image from it that a printer will be able to reproduce on any substrate.
If this is the exact item you want to reproduce, then I'd suggest a high res scan that you can submit to the printer. That would be your best choice.
If you want to change the copy, then your best resource is to have the type reset.
Possibly someone can identify the fonts, reset the type, and supply a graphic to match. You can also try the paid forum where a member might be able to help you with a small fee.
Sincerely wish I could help. But there may still be someone here on this forum that might have another solution.
No. Not without appropriate rework. It is easier to recreate the text.
Of course, OCR software could be used - but its recognition and export options are usually limited.
Handwriting and "texts on a path" are often not recognized at all - therefore manual work is necessary, which again negates the advantage of automatic text recognition.
In addition, the files are usually output as PDF so editing in Photoshop is not possible and you would have to switch to programs like AI, Acrobat, etc.