TV Yellow? Pics of course make it invisible to see what you're seeing, but on the back of the headstock, where you can see crazing, and that's the refin, I'd leave it. If it's a really old refin, I'd leave it. That's just me tho, and I'm lazy too... ;-)
And I'm the sort of guitar tinkerer who does not strip, paint, etc.
I did that one time (and that's gonna be the one time only!) with a '79 Strat that I wanted a deep metallic purple (and that's ONLY because someone had spray painted flat black), can't quite remember when I got it right, right around the 10th attempt, including about three full re-strippings of the body... Came out amazing tho, and my longtime guitar wheeler dealer buddy who also restores, finishes, etc said "I'm glad you don't do it for a living" when I traded it into him for my ever 1st Flametop LP (another story altogether, the trade was a '62 P Bass, a '66 SG Junior and that refined '79 Strat), it wasn't as Deep Purple and quite as metallic as I wanted, but it was quite a looker, hardtail too.
Back to your guitar, not crazy about the headstock being painted over (I'd try to buff it down to the logo/etc underneath, assuming it's still there), but the body looks great like that. But I'm kind of a Les Paul Junior/Special fan, and TV Yella is the sh*t when it comes to one of those guitars, wayyyyyy cooler than trans red, as nice as that is.