To make it all text, you will need to edit the header template and replace it there. I would guess to just replace this text:
HTML Code:
<img src="{vb:stylevar titleimage}" data-orig-src="{vb:stylevar titleimage}" alt="{vb:phrase logo}" title="{vb:phrase powered_by_vbulletin_title}" />
I've never tried that, so I have no idea what it will do to the Site Builder when you go to edit the header.
Sure you can do it if you can code it or if you find a modification for it. Try the search box in the upper right.