There are a few members in my TCA division who have repainted prewar Lionel and I think the results can be quite stunning. One member sadly now deceased used automotive paints to do amazing restorations that had a luster that the originals never had. I look at it this way, if the original piece has deteriorated to the point it needs to be restored then there is no reason not to paint it anyway one wants. I think sometimes we get caught up in the whole "authentic" and "original" realms when at the end of the day a poor-quality original is fair game to paint anyway one wants or keep in its existing condition.
Case in point for me is Doyle McCormack's 1:1 former ATSF PA that he brought back to the US and restored to Nickle Plate colors. Up until the recent sale it was his locomotive, and he could do anything he wanted with it.
The best part is that these now nearly 100-year-old toys have second, third, or even fourth lives to keep current and future generations engaged in this wonderful hobby.
