Here's a new titanium ring I did that looks like a filmstrip. The idea is to use pictures provided by the customer. It was a lot of work the first time around. Hopefully it gets easier now that I've made one work.
It is fairly durable because it's below the surface. and gets hardened in the process. It would be tough to redo as there's no way to properly line it up to just do a touch up. It would have to be machined away and relasered. But it is possible to do that if it were ever necessary.
Would it be possible to encode some registration marks around the sproket holes that looks like the audio marks in a movie film? That way you might be able to accuratly remount the ring.
The problem with remounting is that you are counting on light instead of a machine fixture. It's hard to be that accurate. Remember that the beam is about 1/5th of a hair in diameter. You can't eyeball something that close. It shouldn't need to be reengraved, so it's a moot point.