I picked up a Veneto frame a couple of years ago because it was a fair price and it's a Pinarello. It was REALLY cosmetically challenged. Almost all the decals were gone. You can see where they USED to be in the photo.
I did what others suggested. I did some paint touch up, cleaned and waxed it, threw on some parts and rode the tires off of it for a year. It was fun.

Don't over think it and DON'T paint it. It was an easy sell when I decided to let it go.