Magnus,
I was faced with a similar dilemma. I picked up a 60's Round Badge that was painted red over the original Aqua satin finish. A crime but the reason why it only cost me $100! I tried for over a year to remove the paint but the cracks and spiderwebs left little red veins everywhere. I finally decided to rewrap in in a vintage White Marine Pearl and it was a great decision. The collector value is diminished but the look and sound are fantastic. Good luck with whatever decision you make.