I vote for no paint at large, just a few part tinted, maybe, blued screws & nuts, a touch of black inside the flywheel, but take care that yours engine does not look like a steam engine !
Yes My engine is pretty hot, as long as the engine runs on the bench, how can we avoid it ? I get burns by the exhaust pipe while tuning, I put a fan now to cool things a little bit.
cheers