The picture was from the previous owner, another RLer well known on the forum...the car is actually on the truck on its way to me as I am typing...=)
This will be the first repair/upgrade I plan to do.

 

No need for paint, just a few very thin layers of clear coat after good cleaning. You can leave the porsche decal alone and just go over it.

See in the other thread I posted - Make sure to use high temp clear coat for calipers (not for engine).

Lastly, I would not rebuild if they are not leaking, but check the dust boots around pistons, they might be torn. They may look fine if the pistons are fully pressed in, so try to pull on the dust boot to see if it's still fully intact.