It doesn't really need painting, but my son works in a shop that has professional spray equipment, and he enjoys painting. So... won't be a rattle can finish. Will it be *as good as* the factory finish? Perhaps not, but that's OK. Components are almost all Shimano 600. Probably nothing needs replacing, and probably a good clean and lube would get it running quite well, but it might be nice to move away from downtube shifters, for instance.

One other question. The Shimano 600 headset that's on it (very similar to the photo here) I've always had to hand tighten quite frequently. It looks like it's not intended for a wrench. And advice on how to better tighten it?