I've been considering this for some time. The existing paint is an old job - apparently 15 years or so. There are a couple of blisters that need fixing, and a couple of scrapes. It's burgundy with a wee bit of flake in it, but when I removed the bed we found the original orangey-red underneath. I'm considering seeing how the burgundy looks with the red poking through. Worst-case scenario is that it will need a respray, but it needs that now, so nothing ventured, nothing gained. Reading through this post is very helpful