When I get a new/old bike I always make sure it is road worthy and safe to ride. I spend only enough cash, effort and time to make it so. Then I ride the bike for a while. If I really like the bike, then it comes apart for the full deal. This old Torpado was barely road worthy but I did ride it a bit, just to ensure that it rode well - I am already familiar with the Torpado ride quality)...
Pain, art and the supplies to apply same costs a wee bit ($120 to $150 CND) and the time to paint is also a consideration. There will probably be little, if any, return on what you spend. I got that old Italian bike pictured for free and painted it with a brush. Velocals supplied the decals. This is how it looks at the moment...
The 5 speed Suntour Freewheel has every other tooth ground down on the largest (32 teeth) cog. Any idea why that is?
Those cog sets were standard issue items and a few have come my way. My guess would be weight reduction but that is only a guess.