It's a screen print and - for a used part which is at least 40 years old - I would say it's still in amazing condition. Using a repro FRAM (etc) water decal would be misleading and not nearly as durable. How about covering the printed area with some e.g. rubber sheet, beadblasting the rest and repainting - or just leave as is? The alternative would be to commission a new silkscreen and frame which any art student should be able to do for you.
Thanks for the reply. Yes, not bad for over 40 years old. But I building a couple of engines, actually doing a restoration on the engines as well as just rebuilding them ( 1300 & 1750 ) so I have glass beaded one of them already and am going to powder coat the one today ( doing a ton of little parts over the next couple of days, bunch of different colors ) I want to check and see if the red powder that I have matches the original color.
I was hoping that someone has already made up a transfer. If not, one of my son's girlfriend is a graphic arts person and he is an artist ( painting and sculpture ) so maybe between those 2 and can get one made up.
I will post some pictures of the cannister and some of the other parts once I have finished the powder coating.