Yes, I believe it is painted on.
The power supply does have some surface rust, but hopefully it won't affect the operation of it. I may sand some of that off. Even if it is wearing out, I have a Defender cabinet I made into a MAME cab. It came with the power supply, so hopefully it will have the outputs this board needs. I don't think it will be a problem though.
I do have access to a flatbed scanner. Do I just hold it up to the artwork and go over it? Also, it may be a while before I'm able to scan it; I'm in the process of building a house and am currently living in an apartment. Since this means it will be stored in (or currently next to) my mom's shed, there won't be a computer anywhere near it for a good while. But, after I get moved into my house I'll have a full garage and plenty of room to do whatever with it.
Until then, I plan to remove all of the hardware from it, set it up on a table, and test it all out. The guy I got it from said the keys to it were missing; upon removing the rear panel, I found the keys hanging on the inside. Convenient!