MY opinion is no, not "worth it" in terms of that the result at the end of a lot of work will not be as nice as the factory paint and will not be as durable unless you use automotive paint, so even if it looks ok it will not for long
ride the bike and have fun, and when you get a "better" bke get the color you want
to paint it properly you would need to
take all the parts off,
sand all of the frame lightly to ensure adhesion of new paint
put a coat of primer on
sand primer lightly
2 to 3 light coats of color with careful attention to dry and respray times (hope for not drips etc(
2 coasts of clear
have a good protective mask on the entire time
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Life is too short not to ride the best bike you have, as much as you can
(looking for Torpado Super light frame/fork or for Raleigh International frame fork 58cm)