Yep. As far as I know, metallic gold and full color cannot be printed together on a single waterslide decal. I think you'd have to make two separate decals and layer them on top of each other. The varnish transfer technology has some advantages over waterslide.
The other challenge is simply getting your hands on a clear, high resolution digital scan of a well preserved original decal in order to faithfully re-create the design.
I'd love to see any attempts at this project that have been made. Most of the ones I've seen have simply ignored the flora surround and "arm and hammer" entirely.
Picture of my Stearns bike. Anyone have idea on the model and year? Has original hubs and wheels Front wheel needs a spoke and should true no problem. very nice wear free pedals and Kelly bars . Hollenbeck saddle Syracuse NY