Originally Posted by Velo Mule

It looks like a nice bike. I always start with the attitude that I'll touch it up and see how it goes, especially with a bike like this were decals and other original features may be good to keep in place. If the touch up doesn't go well you can always repaint. I will also admit that it does have some rust under those bubbles and you will need some patience to sand it, and brush on new paint. It may require that you first start with a primer, then color and the a second and even a third application of color. And then sand and polish it to get the finish to look more uniform.

It looks like solid (non-metallic) red which may be relatively easy to match. I like Testors paint for touch ups because it is enamel. I have also used Rustolem, Again because it is enamel it is easy to work with. I always have a jar of paint thinner handy for cleaning the brush. So, a half hour here and there, and you will eventually get there if you go the touch up route.

I have gotten better at this over time, but I'm still not an expert. My latest touch up is no museum piece, but a bike to ride.