Welcome to the Bike Forums.
Why do you think the bicycle is a PX50? In my book, it appears to be a French made
Peugeot UE8, the touring version of the UO8...
Do not repaint the bicycle! Doing so will lower the value! Before you make the final decision to paint, you should take a look through
Should I Paint My Bicycle? Doing so might prove to be an eye opener for you and help save you a fair chunk of change, frustration and wasted time.