Welcome to the forum. Of course paint or no paint is a personal choice. I would personally paint it. Unless you prefer the "old" look, since you are restoring why not also restore the paint job. I don't care much for the light grey look, but a darker grey sits well in my eyes.
There is at least one member on this forum who is a painter by trade and the suggestions he makes are always excellent. Perhaps he will see this thread and add a comment.
I am late to the party but here is the one I did. I think I used battleship gray paint. The pulleys are hard to come by and I had to make do. I ended up with a pulley that was a little larger than stock. The picture show that nice GE slow motor that I used. It died and I am back to the stock motor. I miss the nice slow speed of the old motor.
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