Suggestions On "repainting" ?
I don't think there is a simple solution to what you are asking. Alot will depend on your painting skills and the condition of the model you are painting. When you say you want to repaint do you want to paint in one color or an elaborate camo scheme. How good do you want the finish to look?
Are you planning on removing the cloth covering or do you just want to repaint it. I am not familiar with this material will it accept paint? If I was to take on this project I would probably use an automotive touch up gun or spray gun. If you want to achieve scale colors these will have to be custom mixed if using automotive paint. There are model paints available such as Perfect Paint that are mixed to match military colors. Once you picked your materials, I would remove the cloth covering. Cover the balsa with a layer of 3/4oz fiberglass and epoxy resin. Prime and fill the surface as necessary to achieve a smooth surface. Another alternative although not as scale would be to use an iron on type of cloth covering. IMHO a painted surface looks far superior to iron on covering on a warbird. The fiberglass fuselage can be sanded,filled and primed. Once everything is smooth you can apply your color coats. You may want to have the paint applied at a local body shop if you don't want to invest in all the equipment or you don't have the skills. You can save money if you do all the prep work which is the most time consuming. If you decide to go this route you will have a plane you can be proud of. It is alot of work to achieve a scale finish but definitly worth it.