#1
I recently bought a Gretsch 5122 Electromatic Hollowbody, and I got a better deal because the pickguard was a little scuffed up.

It was originally painted silver, and I'd like to get one in an ivory color.

So my question is, should I buy a new one, or just paint the one I have?

NOTE: The only one I could find online was one on eBay for $40.
#3
^ It'll also probably look like shit.

Just do it properly and buy another one.
Everyone is entitled to an opinion.

Feel free to express yours so I can make an informed judgement about how stupid you are.