After seeing the rest of the photos, I'd have to agree with stripping and starting over.
You have what are called "worm tracks" under the paint - This is caused by a poor prep or material choice, when the bike was first built and painted .
If the bike's worth it to you, you may as well bite the bullet now, and re-finish -
If you farm it out, powder coating is usually cheapest - They can probably even match that color.