obrentharris 

I can tell you from personal experience that this works. I have a B-17 that had several paint spots on it, the largest one about the size of a dime; Now, after a few hundred miles of riding, the paint is all gone.
It might take longer to get off the bits of paint on the areas that don't get much wear like the very end of the nose and tail.

I think Maxturbo's suggestion is also a good one and definitely worth trying. My very limited experience with leather care leads me to believe that saddle soap is pretty good stuff. Follow the saddle soap with some Proofide or other leather conditioner. It seems like leather that is "fat" with some sort of dressing resists staining and might even release the paint.
Brent