Totally Inappropriate Location
If people truly believe that this is a work of art, it should be placed in a gallery or museum where those who wish to see it can pay to see it. To place it in such a prominent location where the sight of it cannot be avoided is an action without care and consideration for others.
Honouring genocide is a reprehensible act and cannot be buried in the notion of protecting history. The Indigenous people were on this land long before many of us and deserve respect.
If the misguided attempt to leave the statue in place is successful, then your group can at least commit to accept and leave any subsequent physical damage “as is”. Removing the paint is an attempt to hide the truth about the community response. If someone adds more paint, or removes the head or knocks the statue over, that is how it should remain. That is truth when reconciliation has been ignored.