The paint I have uncovered is a light blue. There is a tan/cream color too, but I believe that was the original primer. This bike has been familiar with Mickey Mouse and a few other bastardizers in it's life. From the kick stand being hand made and placed on the wrong, (right) side to the forks being welded. The motor mount has extra holes drilled in it, so I have no doubt the original motor was something entirely different. The front wheel looked to be original. Just a plain wheel with a sheet metal/stamped cap and a couple spacers. Having said that, I don't think I have not seen another one on any pic I have looked at.
The extra letters, (great eye, BTW), are: REMFR I wonder if that could stand for: Re-manufactured?