I know a lot of people have debagded them, but why on earth would you want to bebagde such bling? If i had an RX8, 350z or something along those lines, then yes I would debagde. Theres no point in just leaving the L as my number plate is L200 XXX and therefore most people will no its an IS200, and not left wondering.
Heres some interesting badging I've seen
LEXUS _____________________________ IS200
____________________ L_______________________
___________________LEXUS_______________________
______________________________________IS200
______________________________________LEXUS
i'm sure you can be more creative