This is a most gorgeous car and a 5W to boot. You must definitely have fun re-vitalizing the original paint, and here is how I am doing mine. It is amazing how the original paint holds up. To repaint the car would be turn it into ‘another nice coupe’, so for a while, maybe a long while, bring back to life what is there. I have the very same situation with my ’35 W, and here is what I am doing…..places where the original paint is still good, wet sand with 1000 – 1500 paper…very gently and go slow. When spots of rust appear, knock down the worst crud. It may bring it to the bare ‘rusty’ metal, but it’s there anyway. The idea here is to have a flat surface to match the thickness of the original paint. With the fine sandpaper, act as if the surface rust parts blends in with the painted area. It is SLOW work, but a work of love, and you can only do a small area at a time. The next step is to take a medium compound to remove the remaining oxide and sanding marks. Then move on to a finer compound before waxing. By the way, I never use an electric buffer to polish…not enough paint left to do this….I do it all by hand. In some areas, you may be down to the primer….that’s ok….polish this too like the paint. Experiment a bit in areas that are not as important….you will learn quickly what works and what does not. The finish is now call ‘patina’, and don’t we all love these ole Fords in this state. PS…great exercise to keep you in shape.
Robert