I agree with unworthy1 on this. The paint is pretty good and decals are intact. I wouldn't paint it. And paint for me is relatively easy since I have the equipment and experience.

Get some orange paint and an inexpensive brush or brush set. I like Testor's model paints but we all have preferences. Keep in mind that straight out of the bottle may not be a good enough match. You may need a bottle of red and/or orange and even white to get the tint right or close enough. My technique now is to fill the chip, then fill it a second time. Come back and wet sand it with 600 grit sandpaper with a backing block or heavy rubber backer so that it conforms to the curve of of the tube. Level the paint with the sand paper then go to 1000 grit.

Use rubbing compound on the whole frame, followed by polishing compound and then an automotive wax. I like Meguiar's for wax and 3M for the rubbing and polishing compounds.

That frame is going to look great. Then keep posting as you build it up. I'm going to guess that this might have some Campagnolo bits that are going on it kirkcampyfool .