Andrew,
You can do like some did years ago. Get a fuel proof finish on it, and test fly it. Then, if it shows promise, you can doll it up! A base color, fuel proof is all you need to see if it's going to be worth putting a "nice" finish on it.
If it does do well, just clean it thoroughly like you were doing a repair and put on the trim and clear!
I would hate to throw away something that looked that good, plus Magnums are great flying planes!