Me thinks that what ya got is what you are going to be stuck with, but this may help:
First I would contact the seller and find out what exactly what kind of paint was applied, latex, fabric dye, common spray can paint, etc.
As far as paint removal, if it's fairly fresh latex based paint you may be able to remove some of it with an ammonia based solution, but any heavy scrubbing or other caustic paint removers are sure to damage the now 40+ year old material and will dissolve the stitching thread.
You might be able to accelerate the pant curing by putting up the top, open all the windows
, and position a number of fans to circulate air over everything for a week or so to get rid of the smell, but I am sure that another period of being closed up may start it all over again.
Next, KILZ paint sealer does a good job of sealing in smells, but if the paint is only a month old it might be to soon to use that product. Check the label or their website for suggestions, you will need to know the exact kind of paint you are covering.
As far as removing and reinstalling the quilted coverings: I doubt if the material will survive that aggressive an approach and the thought of reupholstering will result in work beyond belief.
Good Luck and let us know what you find/try.