I've never tried relabelling over a giant inlay, nor removing it, because I seriously doubt it would be possible to get good results. During manufacture the mold is pressed into the chip after the inlay is applied, so getting the inlay out again would almost certainly ruin the mold. Labelling over a giant inlay is basically impossible because you'd be forced to have the edge of the label in the middle of the high point of the face of the chip. For the same reason, putting a giant inlay over a regular inlay would likely look terrible because there's no way to mash it into the mold of the chip with enough force to get sharp edges or even smooth edges. (I strongly doubt that vacuum pressure would be enough to preserve the detail in an RHC mold.)
TL;DR -- No