A kneadable eraser is a good idea. About.75 cents worth at any art supply or craft store like Michaels.
It looks to me like someone glued a paper dial to the existing painted metal dial. The original would probably feature some sort of floral painting at the spandrels.
Most I've seen are attached at the top and rest on "L" shaped wires that protrude from the seatboard.
Depending on how far you want to go with this, there are several ways to go.
1. Try to clean it up as well as possible and leave as-is.
2. Purchase a new metal painted Ogee dial. (These are not bad, but obvious replacements as I have seen only one style that is offered.)
3. Remove the paper dial from the metal and replace it with a new paper dial. You should be able to get better results than what you currently have.
4. Create a new one with a new piece of sheet aluminum either saving the one you have or stripping it and starting over using the metal over again.
If you choose to make your own, first strip the old dial or cut your own new one. A soak in water will get the paper and some paint stripper with a scraper or steel wool will remove old paint.
Spray some white primer on dial & follow up w/ a couple of coats of white or off - white spray satin finish.
On a small dial, say 5" or smaller, you can purchase dial transfers for the time ring. Unfortunately anything larger than that, you have to make your own time ring. Not as difficult as it sounds. I use a sharpie or mechanical drawing pen attached to the arm of a record turntable to create the 2 time ring circles, then draw out the minute increments in pencil then go over with a ruler & pen.
The numerals can be purchased from Timesavers and Ronell. Timesavers doesn't sell time rings. I find that the sizes Ronell offers are usually closest to the size of the original numerals, however Timesavers transfers are a better quality and more user friendly.
If you carefully lay everything out, you will be much happier with a painted dial than paper in my opinion.
Attached are some photos of an original ST dial and newly made replacement, a re-used smaller dial and kneadable eraser. As they get dirty from use, you knead them to get a clean part to use.
Hope this helps