Hey Darryl, I like your theory regarding the paint and I may have some other evidence to support it. I have another solid deck 14" here that has the solid green body but hammmerone on the inside of the chain case, back of the handle bar plate and on the clutch. As the pieces are bolt on, perhaps they were painted in hammertone and sitting on the shelf. When the paint ran out for the frames, maybe they used the solid green and painted over the outside of the chain case and handle bar plate...
As for the correct decals, here are some photos of other 45's (not mine) that I've come across, just to further confuse things