Your bike, your choice. Just remember you can never undo a respray, and when(if) it comes time to sell you'll lose a good share of potential buyers who want that originality.
Generally accepted wisdom around here: Find a reasonable match to the color and touch up chips and scratches. Repaint only if original stuff is completely annihilated, and be prepared to pay a premium if you want correct decals (if they exist at all). This of course is with upper-tier vintage stuff. Schwinn Varsity? Do whatever the heck you want.
__________________
A race bike in any era is a highly personal choice that at its "best" balances the requirements of fit, weight, handling, durability and cost tempered by the willingness to toss it and oneself down the pavement at considerable speed. ~Bandera