It appears to be some sort of two sided adhesive gasket. All of it stayed on the badge, not the chrome cover.
I wedged a utility knife blade between the badge & cover, then poured lacquer thiner over it and it separated rather easily after that.
The new badge is brass. I put construction adhesive/caulk on both surfaces & put it in place. My concern is the heat may cause the adhesive to fail. I don't think so, but time will now tell.
