I would not paint that, it's too beautiful as it is.
I cleaned up my heavily patina'd RSW-16 with an oily rag and WD40, which gave it a nice vintage sheen and protected the paint from the damp. I then cleaned it up and used car wax to shine it up, but I ended up with whit wax marks all over it, which I had to clean off with the oily rag and WD40.
T-cut the chrome but the frame has to stay as it is in my opinion. Just protect it with a bit of oil and it'll be as cool as polar bear paws.
Jonny I think you may be right and the more I think about it and after having a good look at it over the weekend spraying it will take away the character it has. I think it needs new wheels as the existing are shot and I want to put it back as a deraillieur system as it was changed to a 4 speed sturmey archer hub. Have you any comments on the equipment that should go on it? I would like it to be period but parts may be difficult to obtain? And expensive?
Raleigh Record Ace Moderne
'09 Felt F75