try this for the kickstand:
http://www.bunchobikes.com/repair2.htm
I asked a question on the schwinn forums about lightening up a similar bike (a 76 suburban). Here is a response I got that may be helpful to you:
---Get a set of 27" alloy wheels, and an alloy 3-piece crankset (with appropriate adapter). These two modifications will save you 6 or 7 pounds in one fell swoop. Anything else you change out after that will only save you ounces.---
I decided to leave my suburban alone, because it's beautiful. But your bike is oogly. If you have access to those parts (read: cash) I'd take the advice.
As far as painting it, I don't know. But I'm pretty sure you could find the decals if you want them.