Putting the paint on made the lever look better, in my opinion. Certainly not back to it’s original condition, but more aesthetically pleasing.
The next day I decided to check out how the painted piece would hold up to cleaning and oiling that Ms. Rusty would endure after she is back in operation (assuming I can get her there!). So, I took a cotton swab and dipped one end in kerosene and the other end in oil. Unfortunately, the paint DID NOT HOLD UP!