Hello Robert,
very interesting bolo! Have not seen it by ebay, I think that I have to refine my search!
Hard to say if you should remove the paint and even difficult to say if it was done in the Philippines or later in the States.
But I read between your words that you tend to do it, be careful by this.
Where it is from is a balky query as well, I would lean towards the Visayas, not all blades from there has a chisel edged blade, special when the blades in knife/dagger length. You have shown shortly a blade with a similar monster hilt when I remember correct.
The scabbard has a Visayan touch as well. Or Bicol maybe? The scabbard shows a good age and patina, turn of the last century?
Best regards,
Detlef