Restoration Colnago Master Pista Olympic

A few things to bear in mind;

• It was only original once. It is no longer original.
  
• Unless you have a personal connection to the team or rider that raced the bike, you owe it nothing.
  
• Paint is a consumable, even on race machinery.
  
  

Ask yourself why you bought this particular frame, and what your vision is for the complete finished bike. You didn't choose the original paint scheme, you aren't duty-bound to like it, and you've already admitted that you think the CarMaxx logo is fucking horrible (you're absolutely right, btw).

I think you should do whatever you like with it, just be respectful and do a quality job that would be worthy of a frame of this quality.
If it was raced with any degree of success, its presence as a race bike will be in photographs somewhere, hopefully with the rider it meant most to.