Hey. Waita minute. You should be really really happy! Than Ruger #1 is gonna sit there forever. In a few weeks, about the end of December, you can go back to the pawn shop, point out to the owner that its been ruined by some idiot with two cans of paint, and it ain't ever gonna sell. You can probably get it for about $400!
If its a stainless model, then I wouldn't hesitate to buy it, and strip that paint off with marine grade gel-type stripper.
If its a blued model, then I would do some research first, to see if marine grade stripper will affect or remove bluing. (Maybe you can get an old blued piece of a gun from a gunshow, put marine stripper on it, let it sit for 30 minutes, brush it off with a stiff natural brush, and see if it affects the bluing?) Also, ask on the gunsmithing board to see if any gunsmith might know.
If it doesn't affect the bluing, then again, I wouldn't hesitate to buy it and strip it.
Just my thoughts.
Mannyrock