I go against the grain here and I say REPAINT IT!!! Especially if you got a good deal on it. They are very nice bikes (my Miyata Pro is one of my favorite riding bikes) and it's not like you are refinishing a valuable antique. Don't powdercoat it, spring for a real refinish and decals. I restore bikes both ways, keep the original finish when nice and repaint when not, and I like them either way. Check out the repaint on my pro, also visit my page to see before shots.

http://s758.photobucket.com/albums/x...0Miyata%20Pro/