I actually painted all the plastic on mine. door handles, tail gate handle, bumper cover, fog light "grilles", and the grille itself. It looks a LOT better. I just left mine on the truck, taped it off, put a lot of paper around it, and taped that off, and hoped the wind didn't blow. If you are careful, you won't get overspray.
I know what you mean about the faded gray, it looks terrible. I am very happy with the way mine turned out. Except for some very minimal overspray on my passenger side window.... oops. haha