Random thoughts, history, facts (or possibly fiction if I remember something wrong or it was BS to begin with?):
-In the 1970s, "Datsun Competition" (predecessor of NISMO and comparable to MazdaComp "sort of") recommended all Z, 510, and 1600/2000 Roadster aluminum valve covers be painted satin or flat black to help with heat rejection. (They also recommended adding SMALL amounts of ATF to the transmission gear lube - I have the "recipe" somewhere - the forefather of manual-transmission lubes????)
-I know of two brand new $6K motors that blew up in the middle of $1K+ weekends because of "cosmetic obsession". One had blast media trapped in the valve cover baffles, and the other had blast media in the Concours d'Elegance diptick tube.
-At least one Mid-Ohio Showroom Stock Runoffs winner (long before SM was invented) avoided a full teardown when the Chief Scrut said: "Look at that engine ... it's never been out of the car!" (Later revealed: "Of course it was a 'built' motor!")
-Based on the above lore, I used to transfer the same crappy looking valve cover to every "new" motor (apologies to Jim Stewart and Bob Thornton!), at least until I had engine builder sponsorship. For a brief period of time I had "Harry Manning Race Motors - 120HP" written on the valve cover. This is when 120HP would have been "huge" for a 1.6. Harry (R.I.P.) thought it was hilarious, and (supposedly) got a few inquiries to build motors based on it.
-Unless you have meaningful sponsorship, any time or money spent looking good is time and money spent not going fast. I'm all for "to each his own", I really am, but I just don't understand a Concours d'Elegance Spec Miata, when there is PCA, BMWCCA, Vintage, and 28+ SCCA classes where the cars are "cooler" and nobody ever hits each other, OR gets torn down, OR gets protested?
-I was always amazed how good my car looked in the trackside photographer's "glamour shots". I had a tube of caulk "smoothing out" the front bumper cover, and 10 square feet of white vinyl and NASCAR-type sponsor stickers covering various scars, and the thing still looked great in trackside photos at speed.
-Tony Coello, after fresh repaint and sheetmetal, gets into a game of wheel-to-wheel "chicken" down the Mid O backstraight on the start, with a guy that he would have easily passed one lap later, at some worthless Regional, totally waffles one whole side of his car (plus risking hard feelings or SOM penalty or protest) and upon my asking him why he did it and whether it was worth it, he replies: "If you move out of their way, they'll never respect you and they'll just keep doing it."
-I'm ashamed to admit how I learned this, but paint WILL take out a seal. So you think painting an axle or driveshaft looks good? I agree! You would think the seal would just polish the paint away and all would be fine. Apparently not! 
-I'm ashamed to admit how I learned this, but paint WILL screw up the brake pad and rotor interface. So you think painting a rotor and caliper would look nice, so you just hit it quick with a bombcan? I agree! You paint a corner of the car and don't mask off the drivetrain parts? You would think the pads would just burn that cheap plastic "paint" away and all would be fine. Apparently not! 
