New Guy
Welcome to FABO! Yeah, you should paint it for what you're plans are for the car. If having an original numbers matching car is important, keep the original paint. If you can't stand the original color, then paint it a color you'll enjoy.
I'm not sure about the 1972 VIN numbers being on the motor. Use the "search" function, and check the How to's on the site. I know KrazyKuda did a very good thread on numbers.
Again, welcome to FABO!!