I didn't mind the linking. I have been a member of CCF for about 10 years, but rarely post there.
Yes, the legend could quite possibly be AET vs AETERNA, which is why I said "or some variation" as I don't feel sure on anything. On my reverse types page linked above, I simply recorded the legend as VICTORIA [??]
I tried counting letter shaped blobs and still was not certain. I even started "seeing" other possibilities, which did not make as much sense...instead of VICTORIA AE[??] maybe VICTORIA FE[LICITAS AVG] or VICTORIA TE[MPORVM AVG]
As far as it being a reworked die, I don't think it is likely. This goes far beyond just re-engraving, to the point of "un-engraving" -- adding metal to the die to fill in previous engravings, like the legend and arm positions. The two reverses certainly look very similar though; which seems to indicate the same engraver.