You know, that's true! I never thought of that before. But they didn't make much of an effort to remove it. If you move behind it, you can see text relatively the same as that in the 64 version. This could mean it's intentional, or the programmers want it to drive us insane.
Also, while on the topic of L not being real, did you see that black box on the castle wall on the file select screen that you don't see in-game?