jesse
Touchdown! Greaser!
Probably surface wasn't properly prepared between the silver and the top coat. typical of most of the Poly Fiber processes. Folks will wipe down with the wrong stuff before applying the color.
Should I be concerned about the areas of my fabric (mostly the belly) where the paint comes off assuming the silver coat underneath it is intact?
I don't know what system it is precisely, only that it's ceconite and was covered sometime likely in the early 70s.