David, I would not recommend taking the machine apart. I would take all the shinny metal bits off the machine including the hand wheel. You can wet sand the machine smooth using wet or dry sand paper. I use mineral oil for the wetting agent on the paper. Use finer paper (800 grit) for the final sanding. Last step would be to rub it down with fine rubbing compound. When it is smooth to your liking you can then repaint and clear coat. If smooth enough and the paint is all there you can just clear coat it with shellac.