i say don't paint the frame nerdsgirth; a bit of patina on a bike is always nice. personally, i would source out all silver components save for the mavic rims that dan mentioned. and on that bike, some great old campy friction shifter would be the bee's knees. i plan on doing something like that with my repainted schwinn but with friction bar end shifters, nitto bars/stem and all older shimano 105.