Check out this site http://projectnaptha.com/ (only on chrome browser)
It's just launched demo still needs work, but from an in browser image editing
it's pretty neat. I wish I could replicate some of these features in IM.
I guess the first step is OCR and figuring out what is actual text.
But, I really like that it can identify text in images, and remove it with
inpainting (even with some pretty complex backgrounds)
Then you can rewrite the text in a similar font, color and style.