Vintage Chalkboard Revamp

Last summer, this easel chalkboard was sitting at an antique store just begging to be thrown in a dumpster taken home by me with its clearance price tag. At $15 I couldn't resist.

I imagined using it to write fun messages on it for birthdays and letting the kids use it as an art easel. So far, it's been used for all of those things, but I had been wanting to do something bright and cheerful to the top scroll part.

(I guess from my research the scroll had been used in some way for school-for the alphabet or nursery rhymes.) Well, I finally made some beautiful changes that I'm happy with: But I do have a question about the wood-should I paint it? 

Here's what I did to change the look of the chalkboard so far:

before

starting to paint the scroll a pale aqua

I had some upholstery samples I had bagged up at my local Scrap 4 Art store and thought all the bright colors would make a great pennant. So, I used my fabric scissors, hot glue gun and some twine to create the look below: 

Wouldn't this chalkboard be a cute message board at a vintage style wedding?

But,  I'm still sitting on the fence about painting the wood-what do you think I should do?

Linking up with these parties.