I did mine about 3 years ago. Removal is easy. I re routed my wires when I did it and got matching car color looms. It looks great. I will have to take a picture. However I didnt use a good quality paint from one of the "big" Corvette Part Places. After 2 years it began to flake. I bought some paint from Ecklers and am going to redo this year.
I would recommend stripping the paint. The spray is easy, I followed one of the threads. Sprayed on, let it sit for 15min and used a plastic trowel (you will need 2 sizes, Med and small) to take the paint off. Make sure you do it outside in the yard and wear protective equipment. Your covers will come out clean and rather wierd looking, very rough metal. Then a simple valve cover primer spray, and then the paint.
It is a very easy task. If you start in the morning, you can have the covers on by the next morning (most primers recommend a 24 hour drying time).