I wouldn't blink an eye to paint a Miyata 912. Awesome bike, yes. Super Rare and Ultra Beautiful? hardly.
I think the most intelligent comment I've heard regarding painting came from RHM and went something like "Painting a Bike does not make it yours, Riding it thousands of miles does." His quote was a bit more eloquent I think but that's the gist and I agree wholeheartedly.
I painted my '72 Super Course...partially because it benefited from it, and mostly because I really wanted to. I had an auto body shop do it and it cost me around 150 bux all said and done and looked beautiful. Now it still looks pretty good but only from about 10 feet away... you get close and you can see the scratches and paint coming loose....its not perfect but in 3 years since painting its regained some of its patina of age and once again looks like a bike from the early 70's that was well cared for.
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--Don't Panic.