Well, I believe it's real. The question is whether it's worth replacing the head tube. Frankly, it's doubtful you'd be able to recover the cost of the tube replacement and repaint if you decided to sell it.

For some reason, the mid-eighties Waterford Paramounts sell for substantially less than the sixties and seventies Chicago Paramounts, even though the Waterfords are arguably much better bikes (lighter, investment cast lugs, tighter manufacturing tolerances, etc.).

The sixties/seventies Paramounts had chrome-plated Nervex Professional lugs, chrome-plated fork crowns, and chrome-plated rear triangle and fork tips, so there was a definite "bling" factor compared to the Waterfords which didn't have any chrome.