This is my current project. A 1982 Honda XL250R Dual sport/Enduro. I built it from parts from various different breakers yards, ebay and gumtree. It has cost me a small fortune so far, but it's mechanically complete and ready for powder coat, paint and plastics. (original red) Ignore the 49cc sticker on the tank, my bud Wayne put those on for a laugh. By bike standards its an old girl. It's noisey and heavy, as it weighs the same as a modern XR600. However it's bomb proof. The 30 year old engine is still on its original bore, piston and valves and they're all in good condition, within spec. As a comparison, a modern CRF250 would have about 30 hours on it before needing a full rebuild, the XL would need an oil change and the air filter cleaned. In the quest for low weight they now make modern bikes out of cheese. I'd be reluctant to part with this once it's finished.
if you paint it you're going to take it's character away. i'd put some lights and a siren on it and ride it around the neighborhood.
Very true about losing its character, but I want it water tight so it won't rust. Everything is getting bead blasted and painted. LOL don't need a siren either. With the baffle removed from the muffler you can hear it a 1 1/2 miles away.