Rocco,
I suggest you get the felt kit that comes with the refurbish book for your model lathe and do a full tear-down, paint strip and new paint. I totally disassembled my model C and repainted it. It is not too difficult and if you are mechanically inclined enough to to use a lathe, you can do the refurbish. You will need to buy a couple special tools too: a spanner wrench ($40) , a big flat-head screwdriver with a chunk ground out of the middle ($10 or so) and you will also need a small arbor press (HF - $45). SBs are really well built and you will learn a lot during the process. Definitely repaint it (don't worry about matching the color to factory specs.) Use a good quality paint and choose a color that looks good to you - it will really feel like your machine when you are done. Nice find and enjoy!
