Lots of people will say yes, I say, it's your bike, do whatever the heck you want with it. Mind you I would stick to colours that would have been used by Schwinn in the late 1970's. Also make sure you have replacement decals for it. In other words, it should still look look like a late 1970's Paramount. You need to do the research to find out what colours were used in 1978 though, Google is your friend, here....