For painting you need Halford's spray cans, Start with their grey primer then a couple of coats of any colour you fancy. Sand it down with 200 grit sandpaper first, being careful not to press too hard and weaken the hull. You need to be able to see as much wood as possible before spraying.
I would say that engine will need a damn good cleaning both inside and out before it'll run properly. You'll also be needing a muffler somewhere in the line of silicon tubing down the side of the boat for it because it will be LOUD! The carb on the engine sets the speed by altering the needle inside it, to richen/ lean the fuel supply. I stand to be corrected but I cant see a throttle there.
Good luck with it
