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I wondered what you were going to do with the lettering, now I know. It will be as close as you can get without buying gold leaf or whatever they used to use.
Will the paint sand off cleanly, or is...

Is that a crack by the non pivot pin? I agree that with some work you should be able to save them, but I am no expert. Perhaps just a minimal restore on them?

Are you putting the original scales back on? It is looking good.