Hey, Bob.
Don't worry about the red paint in the brass bezel lifting or crazing when you clear coat it. It's so dried out it doesn't matter if it was lacquer or enamel. The clear coat shouldn't react to it.
...and even if it does (highly unlikely) you could squeegee in water based red paint AFTER a lacquer clear coat. I did this with my GE 805 brass escutcheon, and the fresh red paint really made it pop. Wait until the clear lacquer hard dries.
To tell you the truth, I would buff the hell out of the shiny portion, mask it off with a rubberized tape, then lightly glass bead the matte section for a uniform finish. Use fine bead and light pressure. Clear coat the entire brass, let hard dry for a week, and fill in lettering with red paint.
Tamiya Color Flat Red XF-7 is a perfect match for that shade of red, BTW. It's water based, and won't react with the lacquer. Available at good hobby shops...
