Good info here. At least the links confirmed "Red Devil' if not "Grey Ghost".
Please show us pictures before you strip the paint off! If the decals are still present, it's probably a very bad idea to repaint. If you have any concern for the bike's value, in terms of money, repainting it reduces the value considerably. Even aside from that, we tend to frown on repaints here, so be prepared for a chorus singing "don't you dare paint that!"
I am really bad at taking pictures; I have a digital camera, just got back from a trip, took zero pics. I will eventually photo the bike.
I plan to keep the bike forever, my nephew or whoever inherits it can take the value hit. That said, I'm already of two minds: one of a brilliant, glistening bike looking like-new, on (horrors) wheels re-laced to 700c and everything rechromed; the other a cleaned up version of what it is now, just new tires and cables.