I think touch up paint for multiple scratches will make the bike look... meh.

Either disconnect all components and get respray (advantage being you get to choose any color/s you like) or
disconnet all components, buy new frame, re-attach all components (for a truly new frame).

I quite like the idea of custom paint, but others might be able to answer better as to whether it's worthwhile in terms of cost. I also rather like the idea of a scratched bike with stone chips etc, it shows it's been used and adds character.