Our club made that exact same decision. We are not agents for the FAA.
I have been dinged at a couple of fun flies for not having AMA on my model. Sometimes you have to look close to see it because it looks like part of the random color scheme. I have never been asked at any fun fly, or field I visited for FAA markings. I do have FAA on some but not all of my aircraft.
I will have to see what the smallest font that my vinyl cutter can do. Then cut it out of the same color as where it is going, or even cut them from clear. I then will have raised letters so they are visible.....