I posted a thread "old Schwinn" a while ago. I am at the paint stage. Is it blasphemy to use a special mix auto paint spray can (metallic charcoal gray) as opposed to the original sky blue?

No, its your bike. On the other hand you will lose some of the value of the bike if you decide to resell it. Roger

I just plan to ride it until the wheels fall off, then fix it and repeat. I may look into some replacement decals.

I would'nt call it a sin, unless the paint was in really nice condition, There seem to be alot of Schwinns around so you won't be destroying a rare paint job. You will lose some character, I have had a hard time locating Schwinn decals in the past, and the factory paint is probably more durable. That said the Schwinns I have are armored tanks and I think they will be around for the next generations childrens children. I see I am just across town from you, You don't see many people from around here on the forums. If you don't mind a little cost, I think powder coating is a good option, there is a guy in Akron who does bike frames for $80.00, and you will have at least 30 invested in spraypaint, sandpaper, etc. Have any pictures of your Varsity?

-Matt