So I have this falcon track bike I'm restoring. It is currently chrome, but the chrome has seen better days. The decals are also pretty gnarly. Some joker drilled a hole in the fork, and there is a couple spots with some very light surface rust. Surprisingly the lugs have no chips, but the fork crown has some rust.

What are my options when refinishing? I know these bikes also came in a light blue, which I would prefer over chrome. Am I losing anything by painting it? Was chrome somehow more rare, or more valuable than the painted models. I'm not planning on selling it any time soon, but I'd hate to do something stupid and regret it. What are my options on fixing the drilled fork? Is powder coating even an option? And lastly, if i did paint it would leaving the lugs chrome be a bad idea, since I'm pretty sure it didn't come that way.

P.s. Sorry about all the questions....I just want to do this right.