I'm confident the paint could be removed, but I think it would be tricky to do it while leaving the lume intact, since most solvents that would remove paint would also be likely to degrade the lume. So if you remove the paint, very likely you would end up having the hands re-lumed, which could be done in a way that would match the color of the lume on the dial. It would probably be an improvement overall, but very much a personal decision. Since it's an heirloom piece, it would also be reasonable to leave it as your great grandfather preferred.
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