Is it possible to refinish VZ handguards? Mine look really worn and don't really match the new receiver on the rifle. I know how to do it on the AK,(I did before on my ak) but since this isn't wood but is plastic, is it even possible?Plus the handguard gets so hot im afraid the paint will melt

I've not done it yet to my Vz58 set, but I have used my garnet shellac (same as I use for replicating a Russian look to wood furniture) lightly over worn bakelite and it looks much better - like new afterwords.

Here's how I did mine. I used a  green scotch brite pad with Dawn dish soap and a tube of hot water; and scrubbed the pieces really good then rinsed in hot water. Let them dry in the sun for a day. Wipe down with rubbing alcohol and let dry. Wipe the pieces with a light coat of Minwax Red Oak stain and let dry for a few days. Get a bottle of Fromby's GLOSS Tung Oil. Using a piece of old T-shirt and lightly rub the tung oil into the stock and handguards in a circular motion, light coats. Allow 12 hrs. dry between coats . A light buff with 000 or 0000 steel wool between coats. After three coats you should have a nice  finish with the right amount of shine. If to shiney lightly buff with wet 0000 wool. Mine turned out awesome, look like new from the factory.

I have used high temp paint epoxy before it turns out very nice and the paint is rated for 1000+ degrees so the heat with not effect the finish. If you scuff up the finish with 600 grit sandpaper, spray two or three coat and you are done. They make a high temp poly. too if you want to seal it as well, but I found it was fine without it.
I have Cerakoted & Duracoated  barrels as well and they have held up great and they see extremely high temps as well. If you want to keep the original beaver barf style, the above post has you covered.