When considering a repaint it is wise to take a few things into account: You can always opt to go for a repaint, but you have no option of going back. Authenticity is gone. When you think the current finish looks poor, it annoys you and you decide for a repaint, I would keep in mind Bontrager carried a quite specific palette of colours. They did offer about 10 colour options. I do not recall all colours exactly, but I do know none of them was flashy. No metallics, no pearls, no high gloss. Often natural solids like olive, brown or BRG, plus silver, black, white. I think orange was the most expressive. I remember I really lusted after an orange Bonty Race with silver lettering on white panels back in the day.

Personally I would never opt for a colour, not to mention paintscheme, that doesn't follow this philosophy. So no pink, babyblue, teal, celeste, cosmic dust, pearl, fades or whatsoever.

I've seen many Races and Race Lites being restored in the past, so you won't face real difficulties sourcing decals. You could ask the people on MTBR VRC or ask 'gil m' on Retrobike.co.uk.