[Arran]

 I've managed to paint around decals on Bakelite radios in the past, the trick is to very carefully strip around the perimeter of the decal, then very carefully mask over it in the same way with a high quality tape. I would not bother doing this with a decal that is readily available like a Phlilco decal though. That paint job looks terrible, it looks like someone painted it with a roller, with a thick nap.
Regards
Arran