That color (among others) and those decals say late '70's Schwinn to me. I remember that era, I bought a new Schwinn road bike from that era (not a Paramount). I bought it with high-school-restaurant-job-money. I feel very connected to that era of Schwinn, it's an almost un-explainable kind of thing, and seeing that photo of that bike brings it to mind.

Probably not many people feel that way, and if they don't, then it's just an old bike in a color you may or may not like. Hell, maybe you feel the same connection I do and the only thing is, you've hated that color all these years.

Anyway, I wouldn't paint it. But it's not my bike.