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Hi, sorry for not getting back to you sooner.
Right, first of all, short of completely re-writing the code to the game, I feel it would be very difficult to get the text out. The fact is, MI1 is still copyrighted LucasArts and therefor, according to the UALA, it would actually be illegal to change aspects of the game.
That's not to say it's illegal to actually get to the code to read it. If you download something called "Scumm Revisited" (google it) it'll allow you to get to the code (I believe, I haven't used it in a few years).
But, as for interpreting the code in order to change it correctly so the text doesn't show... well for a seasoned programmer (not me) it shouldn't be too difficult, but for anyone else it would be incredibly hard.
Unfortunately, I cannot help you in this matter, for a number of personal reasons I won't go in to (and one or two legal ones, as I've already said, altering the game like this would be against the UALA), but I do wish you luck with this project.