I'm pretty picky about the paint on my bikes, but I'd have to be forced to repaint that Corvette. I would clean it up and maybe redecal it if it was mine, the paint still looks very nice from what I can see.
As far as a how to video painting a Schwinn Opal, Radiant or any other translucent color, I've never seen one. It's more involved and takes more talent then shooting a frame with Black paint out of a spray can. Momo goes for show quality and uses high dollar materials that in most cases probably cost more than the bike itself. His choice of paint would not be considered an equal or close to what was used originally but it does look very nice and it is a professional job. If you are shooting for a show quality finish and plan on doing it yourself, I would suggest getting some practice on a few clunkers or beaters first. Expecting to get a show quality type paint job the first time around isn't going to happen, no matter how many videos you watch or how many articles you read. You could have that frame blasted and powder coated in a candy red for 200 or so. Having it painted to match the factory paint would cost you twice that easy, unless you know someone that owes you a big favor. I've seen where some people have used a color matched metallic paint bi-passing the aluminum base coat (momo and others
) and that works but it's not what was on these bikes originally, and the finish does look very different even though the color is dead on.
Read up on painting, watch vids, ask questions and paint a bunch of beaters for experience.