I’d go for some kind of letter-boxing approach. Due to the location of the text, you should be able to get away with it and it’ll take less than five minutes. If you use the clone stamp tool then it’ll take ages and might look far from perfect.
Or, seeing it’s only on screen twice and for a few seconds, you could leave it in the normal aspect ratio and just zoom in when the text is on. If it needs to stay at 720p then you could get rid of pixelation by adding some kind of stylized effects to make it look like it’s some kind of artistic choice… twitch, blurring, fast cuts from one part of the frame to another etc etc.
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Clone stamp tool shall work OK. You don’t need to edit each frame, since text is located on the same place. Just specify how many frames stamp shall continue.
Of course you will need to acurately put multiple clones over the text but I guess it may take no more than 10-15 minutes in After Effects.
Best Regards, Andrey