Joined: Sep 2005
Posts: 3,003
Likes: 303
From: Hervey Bay, Qld, Australia.
Bikes: Colnago (82, 85, 89, 90, 91, 96, 03), 85 Cinelli, 90 Rossin, 83 Alan, 82 Bianchi, 78 Fountain, 2 x Pinarello, Malvern Star (37), Hillman (70's), 80's Beretto Lo-Pro Track, 80's Kenevans Lo-Pro, Columbus Max (95), DeGrandi (80's) Track.
Yeah - repaint it. It would be nice to see what is under the paint. I hope there is not too much rust around the bottom bracket. It will probably be fine but an inspection without the paint would be very nice.
I was lucky that I had access to an oxy-acetelene set and a heating torch. I was able to burn paint off frames. It is quite easy to do and the tubes did not heat up enough to change colour. I just used a wire brush to brush away the paint residue which was another very easy task. It left me with a completely bare frame that I was able to inspect and repair if needed. I think the heat stress relieved the frame.
I don't know how you are going to prep the frame but I do suggest removing all the paint so you can see the state of the steel.