I'm in the "don't paint it unless it needs it" camp myself. That frame is in the doesn't need it category IMHO but perhaps if I was a skilled painter my definition of "needs it" would be quite different. I only wished a few of my vintage bikes had such nice paint. Go figure.

Doing it right is expensive and time-consuming unless you have access to the right equipment and the skills to use it. That is so not me -but more power to the folks who are in such a situation. I'm in the category of being really good with a bottle of scratch-X and loving a nice patina. But even I have seen a few bikes that really needed it. Sometimes the conditions warrant it.

I'm also not in the powder coat is evil camp either. It's great stuff -just not exactly period-correct. The C&V cult can get a bit crazy with all sorts of schisms and radical crazy ideas about stuff. It takes all types I guess. For me, a lot of these old collectible frames and bikes would be a lot less valuable when one looks at the pure utility of the older bikes. In the end, if a bike is to be ridden and used for its original purpose sometimes a utilitarian refinish is the best thing. If it is to be collected and ogled and fondled as a fetish item then perhaps originality is more important. It depends on the rarity and originality of the item as well as its condition and how well the original finish has held up over the years, and how well it will hold up into the future.

As for options for the OP, I hope he gets some good ideas as to color and decal choices. I like the original blue color, which I see as pretty timeless. It looks good today and I could see a modern bike being painted similarly. As for that white bike that old_dreams posted just above with the blue and green fade...wow, is that tacky IMHO. It makes me want to barf my BeeGees out. Disco's dead man. But like I said, it takes all types. I am more of your basic black-tie type.