According to the Paramount History pages on the Waterford website, "In '68, Schwinn updated the seatmast panel to reflect Schwinn's name change to Schwinn Bicycle Company from the original Arnold Schwinn and Company."

So, around 1968 the Olympic Rings seat tube decal got changed from "Arnold, Schwinn & Co." to "Schwinn Bicycle Company."

I believe the paint color is "Opaque Blue."

This is a 1965 Paramount seat tube decal with "Arnold, Schwinn & Co." Picture purloined from a completed ebay auction.