While I would never consider doing anything non-reversable on my '72 chrome Paramount, I don't think it really matters if the bike isn't rare or highly desirable. I repainted my '87 Paramount and am currently building up a '73 Super Sport with new paint, coldset rear triangle, and modern Campy components (Comp Triple gruppo with Ergo shifters). If you strip and repaint, I'd suggest redecaling it with original decals including the Columbus tubing decal since, if you decide to sell it in the future, prospective buyers won't have to guess what it is.