I've read warnings about using solvent-based cleaners and waxes on decals because the solvent can cause the adhesive for the decal to loosen or could cause the decal to crack. The damage may not even show up immediately. It seems to me the solvents in the paint would be much stronger and at higher concentrations than in any type of wax or cleaner. Personally, I wouldn't take the chance on trying to paint decals. I would remove them first, then use paint in their place.
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