The emblem will pop off if you are careful. Its only held on with some adhesive. The foot cannot be removed because its riveted to the frame. Just tape it off before you paint.

I suggest sanding the parts with some 400-600 sand paper. Use a good primer and sand that with 400 before you decide to paint the reel. I suggest using an automotive type paint. Use a good clear coat when you are all done. As always make sure the parts are clean from any oils. Wash it with some soap and water in between steps to ensure a clean painting surface.

Make sure you have the raceway area (where the spool rides) of the frame taped off too. You do not want any paint in this area to cause the spool to bind. There is not much tollerance in this area of the Chronarch SF.