I have seen the FW cases stripped down to nothing and then just lacquered and they are beautiful! It would be a shame to paint it and cover up the beautiful wood.
When I got my FW it smelled horrible and was very musty. I cleaned it with vinegar, which helps kill the mold and then when summer came and we had some very high temperatures, I put it in my car for a week. That did the job. It doesn't smell at all now.
If the machine smells musty, you need to take off the bottom pan and replace the felt on the pan. You can use regular felt to replace it. I took the original felt and made a pattern on cardboard so I would have a copy should I ever need to make another felt for the machine. Changing the felt totally cleared up the smell in the machine.
Happy 60th.