Boat name--painted vs vinyl
Or you could go the really elaborate route and make an actual transomboard - it takes a bit of time and effort, but the end result is well worth it...
Get the template made at a sign shop, but as a negative (ie a full sheet with the letters cut out)
Stick it to a piece of teak or mahoghany
Use a router to engrave the name on the board
Sand/stain/paint the letters in gold or whatever/varnish several dozen times
Use bronze carriage bolts (and caulk) to attach to transom
It cost me about $20 for the stencil and $60 for the wood, and aboout 12 hours work carving and sanding...