you can easily recover it simply buy a covering iron and covering from your local hobby shop. that way if you wanted to give it a all new look you can or can keep the same color scheme if you wanted. i would suggest ultra kote as it will hold up to the weather best but if its too expensive i think monokote is cheaper. and you wont have to live with those red spots. their may be something under the covering so it may be a good idea to remove it anyway. it may also be mold or mildew i dont know if covering would mold red, but you would also smell if it was moldy or mildewy. i dont know what you can do about the lettering if its separate from the covering thats on there you might be able to save it. you might also be able to have someone make a vinyl wrap for the lettering.