I've found a Leupold VX3 2.5-8X36 with the gloss finish scope for $140.00.  The scope shows where the rings were positioned.  I was looking for one in the matte finish.  I'm looking at saving $ so I'm considering painting the scope instead of sending it back to Leupold for a spraying of their teflon finish.  Is there a certain paint you prefer on this project (Krylon, etc.)?  Any other ideas will be appreciated.  

The easiest and quickest thing would be to pick up a can of satin clear spray, degrease, and tape off the glass.  Warm the scope with a hairdryer, and spray multiple light coats while warming it in between coats.  

Warming it will make the finish dry much quicker, and if you mist the finish on with very light coats sprayed from 18" or so back, you should end up with the satin or matte you are looking for.

Please don't put Krylon on a VX-III!!  

As far as lens covering goes.  I've found that if you stuff a cotton ball or two in the lens, then cut a tight fitting light cardboard or banner board circle and tuck that into the lens, it keeps paint out nicely.

I've only sprayed one scope to date, the one for my muzzle loader.  The above technique kept all paint off the lenses.

Spray away.  As long as you are careful, you shouldn't hurt a thing.

If you use a spray can, warm the can in warm water also.  It will make the paint flow a little better.  Shake well.