The problem wasn’t the card’s typography. It was in the correct envelope that clearly and plainly read “Actress in Leading Role”. It appears that “Best Actress” was one of those, “For Internal Use Only” things.
Regardless of what you put on the card, the fact is the wrong envelope was still handed to the presenters, and then they were confused. Could the design be improved? Sure. Was it as horrible as you painted it to be? Not at all.
Despite the changes you propose, one of three things could have happened. Faye could have also realized that it was the wrong card (which is your hypothesis), she could have blurted out “Emma Stone” (not likely), or in her excitement, she could have found the familiar word, “Moonlight,” and the events would play out just as they already have.
Reasonably, I’d say that this elitist notion of “I can’t believe you couldn’t afford a designer and you should have” would result in a 50% chance of actually making a difference; assuming that people are taught to double-check the category.