I strongly advise against repainting. It's more more work and harder than you imagine, and I don't think the paint is in all that bad of condition, especially for a rider. If it were mine, I would strip it completely, give it an oxalic acid bath to remove surface rust in all the chips, corners, and nether regions, then touch up carefully. Auto paint stores have a multitude of color books and you may be able to find a close enough match to the metallic blue.

Lose the font reflector and dork disc when you put it back together.