I have no dog in the tractor paint issue,
but if the numbers match and is was red and gray from the factory,
then by all accounts I would paint it back red and gray,
I think this paint scheme was one of the best looking tractors of the day,
however, it did take a while to paint as there are a number of different parts to paint and then re assemble.
even as nice as this one looks, notice the fuel lever, they painted it red, I believe it was chrome from the factory, not red!!!!!! also I think the seat was black!!!!! I would have to deduct points on that,