Depending on the extent and number, pointers are not a huge factor unless the bait is being passed as mint or excellent. The more pointers the lower the grade. Large and deep pointers like those on this red and black spotted lure can drop a grade to Very Good quickly. Usually in reference to varnish flakes which are the result of the varnish sticking to something and being pulled off the paint, or an actual varnish chip down to, but not including the paint color. Varnish flakes can and will down-grade a lure if there are more than just a few and it also depends on the extent of the area covered by the flakes and where they occur.
Flakes can be a big factor in down-grading depending on the extent.
How much you count paint off the belly weight is a personal call since so many baits have this problem it almost seems the be the norm, but that is no excuse. This lure would grade Below Average . The red and green spotted, five sided, Heddon series 00 below is notorious for flaked varnish due to all the sharp edges. There are no hook drags, no chips into the paint, no significant cracks. Usually there is a quilted pattern to the cracks which look like brick work under a magnifying loop.