I have re-painted a couple old snappers. They turned out good but I realized I'm a purist and really prefer original condition best. Even if it's less than perfect. I actually found a '79 snapper 21500PC that I put the engine off of the one I re-painted and it's one of my favorites now.
Re painting can look very nice until it's used. It just doesn't hold up as well as factory finish and yes, the decals are an issue. I like those to be just as they were from the factory.