Re: New project
That's a nice looking bike. I like those fender extension dealies and don't recall seeing those before. I agree about leaving the paint alone... touching up where you need to.
Regarding the other project... Could be interesting and fun. If it were me I'd not invest a lot in the motor. If it runs, go for it, but if not you could spend a lot of time and maybe money trying to get it sorted out. Just as well to spend a hundred bucks at Harbor Freight for a predator four stroke and have a new engine. The forerunner frame is interesting... wonder how hard it would be to beef it up from the get go with some gussets or whatever it needs. Brakes would be a must. Looks like fun.
Someday when I grow up I will probably lose interest in toys with wheels, but until then...