It can be done. I restored a baby Pac in worse shape then that one. First make sure you clean, clean, and clean some more with Naphtha. Clean small areas at a time and keep using clean rags so you do not penetrate more dirt and old playfield wax into the pores. I used Car pinstripe tape to create clean lines for painting edges. The brand of acrylic paint is not as important as the color. Do not buy transparent. If you have to mix colors to get a match, make sure you mix enough to finish the job without having to make more, because you are not likely to get a match twice.
I can not remember the brand of clear coat I used, but It was a can. I applied light coats with dry time in between. I happen to be skilled at art in general so, ymmv. If you are patient with little artistic skill you should still be able to do it as well. If it turns out bad you can always do the overlay. Good luck!