I assume you're going to throw away the bottom bracket since it's caked in paint. Might be difficult to get out with all the paint gluing it in (looks like an Octalink though, not a cheapo throw away one). Also the head-tube might need to be re-faced to remove excess paint in order to get the head-set back in. I usually remove all the hardware from a frame and tape off all the threaded interfaces since I don't want paint in those threads (they can be re-chased but it's less work to tape them off).