When I painted my Raleigh, I simply masked the heron. It was a lot of work, but the result was quite good. I didn't even have the tools to remove the rivets, which was why I did this. A friend and I painted it back around '90, and here's what it looks like today, having set out at another friend's house several years. (hence the rust)

I wish I had taken pictures then, because my friend (I may forgive him someday) has let the poor bike go to rust...

-Jon