Thanks for the comments guys. Now what I have to do is figure out how to get this paint to either cure if possible or just flat out remove it. I cannot see myself adding line and backing to it knowing that the paint will keep coming off. Any thoughts on whether or not it will eventually cure or should I just remove it?
I'm obviously also considering another spool, preferably vintage to use. So if you know anyone that's willing to part with one, please keep me in mind