1. remove legs and had. clean the affected area using some polishing compound/cloth. I use tamiya polishing compound fine. this is to remove the oxidation... just rub rub abit, then clean it of with damp and dry cloth/tissue.
2. Mask the area that u dun wan to paint. I use tamiya masking tap for the edges and cheap tape for the rest after making sure it is not so sticky by sticking and removing it on my pants...
3. Mix Tamiya clear acrylic red with mr leveling thinner (for smoother result) ration 40:60 or 30:70. Then mix some Tamiya clear blue to darken around 10-15% ratio.
4. Put into your spray brush and spray paint a couple of coat (make sure the air pressure is not too high, i use quite low). Spray a few coats letting it dry in between coats for a while.
5. Let it dry for 24 hour or more in dust free enviroment. remove mask and reassemble and display.

End result is pretty good, prob can be better if the u sepnd more time experimenting on the ratio or mix some clear green and u can also use other clear acrylic red and blue e.g. mr color, etc... not sure if lacquer paint will work as it lacquer paint may affect the initial paint....

I believe the best way is to completely remove the initial paint, prime it with proper primer, spray paint white or silver and coat with the mix clear colours... but alot of work. the above method onlt requires about 1 hour.

I dun know how to attach pic here. If someone can teach me i can put up some pics to show how it is done....