There was a print with a VW in it which has been completely removed from threadless due to copyright issues. Even though it didn't have the logo on it. Worth bearing in mind before you dedicate too much time to this design
i'm guessing most people will tell you to drop the text
also, the image is pretty sharp already, so i'd just rethink about sizing and placement. it might work well larger and down in the left hand corner? or maybe even wrapping the end of the dragonfly around the back of the tee.