When I was in the business of buying, refurbing, and reselling, I did many faceplate repairs - so many in fact, that I built a light box to set the faceplate down onto to expose the problem areas. You cannot repair areas that have bubbled at the lettering, short of that you can fix it all, even the problematic area around the headphone jacks on the MC2505 and MC2105 (after removing the expoxy first).
I took an X-Acto and carefully removed ONLY the offending spots. Use the knife to remove the dried up paint, not slice it off. Anything you slice down to the glass is going to be a BIG repair. Every area that you expose for repair will have the paint lift off around the area you've removed. This is a byproduct of the repair process and you'll see immediately what I'm talking about when you get into it.
Then, put the color down with a small model brush. You're not painting it on mind you, just using the brush as the medium to get the paint into the affected area. As the paint hits the glass, it will wick under the original paint which has lifted up around the repair, which is what you want. Finesse and patience is the key.
For color, well that all depends on how much sun the original glass has seen. You can mix testors with other brands of black to get close. I used to use another brand's Jet Black.
My philosophy was always - I can still buy a new faceplate if my repairs don't come out perfect. I did so many that I got quite good at it.