OK, I've built my first SS from bits and pieces and a Nishiki 10 speed frame. The frame has no dings but some chipping paint situations, some of which has slight surface rust. Personally I wouldn't mind painting the frame even at the cost of loosing the Nishiki logos. I'd go with either white and maybe some zebra stripes or some tribal tattoo kind of thing or maybe just paint the bike a nice tan color, similar to this websites background color (maybe a little lighter).
Personal friends of mine scream "NO", just get rid of the rust and clear coat or bring it to an automobile paint shop and have them match the paint.
I ask why? It's no where near the original specs of the Nishiki 10 speed and I like a nice clean looking bike. They tell me that if I ever sell the bike it will be worth more. Worth more? It's a Focking Nishiki not the Bat Mobile I want to paint white or the 1969 Dodge Charger "General Lee" from the Dukes of Hazzard that I want to paint blue. How would the original paint make this SS worth more?
So I'm throwing out the question to you bunch of fine people. Keep the original paint or paint it like I've mentioned above.
Ride it like you stole it!