Hi Lester, that bike is awesome! I don't know anything about the early direct drive bikes, but you could try contacting Bill @
www.servicycle.com. He has several bikes and is quite knowledgable.
Please, Please post more pictures. There can not be very many of these left and it would be nice to see the differences between this and the later bikes.
As for paint vs powder coating, I went with powder on the one I'm doing. I like the look and durability. I powdered everything that was originally black, the only parts that will be painted are the fenders, tank and headlight. I'm also going to have the 3 wheel truck replica that I'm doing powder coated.
I had thought about not completely restoring the bike when I first started also, but as I got into it, so many things were wrong or broken that I changed my mind and just went for the full resto.