As Mike said, Microsacle will be your best bet for new decals.....repainting that stripe dead right perfect will be a little tricky......I’d assume you’re gonna try and save the gold perimeter stripe surrounding the red ........you’d better get really good at masking....patience, trial, and error will pay off...plus running test samples on scrap pieces to get the color just how you want it would be my first step....be sure to do both pieces at the same time to ensure a uniform color.....I’d protect the gold perimeter gold stripe, lightly blend down the existing lettering with very fine paper....1000 grit or finer.....then very lightly scuff the red that’s on there, being very careful around that thin gold stripe....wipe that red freshly scuffed stripe very lightly dampened cloth with alcohol.......then I’d airbrush my new red....after all that cures really good, add new decals, peel back the tape over the gold stripe, mask all the surrounding area, and blend in with a satin clear over the entire striped area, gold stripe, lettering and red.......
on your test piece, after the red you want cures, test whatever clear you intend to use to cover your decals....some clears, be it satin or gloss, can change the outward appearance of some colors....especially reds.........good luck! and have fun!..Pat