[lugerholsterrepair]

Don, Nice looking rig, Pretty pistol!

I would take it down to Home Depo ,get a color match and paint the whole thing...Make it an Afrika Korps holster!

Seriously, paint can be quite a problem. If that's what it actually is. I have had some experience with paint removal and I wish I could be encouraging but I have my doubts if this can be removed without taking a layer of leather with it.
Reason is, leather is pourous.Paint is liquid. When paint contacts this surface it soaks in to some extent, not far if the coat is light but enough to impregnate the top surface. Once this happens you cannot take off the paint without taking off the surface leather. You can try lifting an edge with a razor knife to see what occours. If the leather were oily or heavily treated before the paint job it's entirely possible it is laying on the surface and did not penetrate. Not likely though.
Also depends on whether it is latex or oil based paint. If it is oil based you could try a minute amount of nail polish remover on a Q tip in the center of the paint to see if it will dissolve. Leather is quite resistant to harsh chemicals and if the paint will dissolve it might be possible to get it mostly off. Latex is a different story...I am not familiar enough with it's properties to say what might dissolve it.
Any Chemists care to make a stab at that?
Sorry I could not be more positive but every time I have tried to remove even little spots or spatter it has left a divot where it pulled away the top layer of leather.
Good Luck, and thanks Ron and Ed for your confidence in me! I appreciate it. Jerry Burney