Seems like 2 options; Strip with chemicals and repaint or polish the brass and coat with lacquer. I wouldn't try to sand the paint off. Or you could leave it as is.

Recently I was checking out some of the vintage possibilities for paint, and back then the DuPont company here in the USA was making the product they called Duco, and then discovered a faster drying enamel called Dulux. The Dulux was for some industrial applications and might have been the paint they used on those old shells. It seems DuPont may still be making that kind of enamel under the trade name DuPont Centari. They sell this at car and motorcycle shops. It might be worth a try for a restoration that might be very close to the original.

Thanks Atomic and 510.

I let it soak a little more today to loosen up some more paint as I don't want to use chemicals on it for fear of having the inside start peeling, too. The interior paint seems to be sturdy. The paint is coming off the exterior middle relatively easy, hopefully I can get the rest off without sanding or chemicals.

I'll check out the Dupont paint to see if there is something close to what I have. I may go that route for autheniticity purposes and to reduce the ring a little, although I don't know how much of a difference a thin coat of paint would make.

If not, I'll have a naked shell on my hands :)

I really felt horrible after I saw what happened, but it isn't the end of the world, I guess.