Deepl3lue,
What nobody has mentioned in this thread is this:
You can put the frame in your vehicle, take it to a local auto body shop, and ask them to mix up a small container of touch-up paint to match the original paint.
They'll shoot it with their color reader and set you up with a good color match.
This way, for approx $15., you can use a watercolor type paint brush and fill in all the scratches and chips.
Apply some cheap cleaner/wax product after the touch-up paint- now your lookin' good.

You got a great deal on a nice classic bike- just maintain it and you'll have enjoyment.