Joined: Apr 2006
Posts: 3,230
Likes: 734
From: Sacramento, CA
Bikes: '64 Bianchi CDM, '62ish Altenburger Cinelli Mod B, '63-64 Cinelli SC, 69 Rene Herse Competition, '71 Gitane SC, '73 Cinelli SC, '73-74 Colnago Super,, '73-74 Cinelli SC, '78ish counterfeit Confente, '82 Medici Gran Turismo, '67ish Mondia Speciale
I think that you're correct about the crank code.
I'd either:
1) Leave paint on there and possibly re-decal (if you can removed the current decals).
2) DIY respray if you're really, really up for trying it and can find a suitable color. These are big Ifs.
3) Spend the necessary dough for a proper repaint from a reputable shop that knows hows to paint old bikes (not to thick or glossy, etc.). This will cost a decent chunk of change.
Personally, I'd give #1 a shot. It won't cost you much, and it will give you time to see if you really like, if it really fits you, and if you want to keep her. No point in sinking much money into it if you're going to end up selling it. You're not likely to get your money back. Replacing the derailleurs won't be too horrible (though the period correct Record doesn't fall into your lap every day).
If you're in love with it and it fits you, it will be worth it. If not, pass the project along to someone who's up for it.
Congrats. She's a beauty.