Quoted:
Paint doesn't hide defects, it shows them off quite well.
Most of the time, this is true. However, I was able to paint a pitted S&W revolver, and hide the majority of the pits from view. It will win no beauty contests, but it is a 1000% improvment over what it did look like.
Paint is definitely my favorite way of rehabilitating abused firearms. I am sure there are other ways, but paint is the easiest to use.
I like the look of the old lever-guns done up tactical black style. A tip. If the wood furniture is in decent shape, or can be sanded to put it in decent shape, Duplicolor black spray on truck bed liner will make it look like some kind of black synthetic. Its texture will be very aggressive, however. I have an old sportsterized Mosin Nagant that I used the truck bed liner on, and it came out quite nicely. The liner covers up where they patched the slots for the dog collar sling loops, and you can no longer see the dowel they used to plug the cleaning rod hole in the fore-end.
No original military condition Mosin-Nagants were harmed in the stock painting incident.