We had a chair like that when I was growing up. I think it was probably from the late 30's early 40's as my parents got married in 1938 and built the house in 1941/42. The upholstry on yours looks to be from the 70's.
I personally would not paint it, as that is very hard to remove if you decide to go back to the natural wood, due to all the detailing we both admire. I've not had good luck with taking off paint to restore a lovely piece of furniture or woodwork.
Do really love the idea of a quilted seat and back. You should find it very easy to recover, just remove the current fabric and use it as a pattern.