It would really be ashame to paint that bike. Especially "try" painting.

That bike is in very nice original condition and just needs "detailing".

Not worth a fortune, but a nice original bike that the right person would really appreciate having. If it's not your cup of tea I'm sure you would be able to trade for something that was.

You did right by checking before digging in. There's plenty of old bikes out there to customize without issue, I would really leave that one as-is.