I vote for a new paint job. Not easy peezy, but then I wouldn't be the one who'd be doing it.
To prepare the shell, the surface of the plastic should be sanded smooth before primer and paint is applied. Scalextric doesn't do this as far as I can tell, and of course, why would they, as it is time consuming hand work. But the resulting finish would be better than the factory finish.
I would try using clear decal paper sprayed black applied over the CTL logos and apply the JPS decals on that. Its worth a try. Personally,the Classic Team Lotus markings don't bother me enough to go to all that trouble-respraying etc-it looks fine out on the track. Having said that,if anyone does do a re-livery,I'd like to see pics... TED........
Just a thought, chaps, but today is September 5, 2015, which means it's exactly 45 years ago today that Jochen Rindt died at Monza in the Lotus 72. Seems like yesterday to me, yet 45 years have ticked by. Gosh.