It is funny how several different people can look at the same image of a word and see different things. The same thing happened in the other thread with the 1967 pace car on the used car lot. I guess that's why it's so hard to nail down exactly what it is when there hasn't been any other evidence come to light.
Jon, it looks like it could be "Cardinal" and the logic behind it makes sense. I'm from Illinois and I seem to remember you mentioning that you grew up here as well.
I wonder then why they changed the name to Cherokee for the New York Auto Show and beyond.
By the way, the Corvair powered Astro 1 that appears in the photo with the Golden Cameo and Cherokee would debut at the New York Auto Show in April 1967.