I used to paint them by cutting a star shape out of some A4 paper then spray it on with a spraypaint. However some fuzz is unavoidable because of the paper's looseness, so a tack of rubber cement is recommended. Use xacto knife or something similar to scrape it clean, then topcoat with a clear coat which will redissolve the paints and erase the lines and stuff. However you have to be spraying lacquer based paint for this to work, wont recommend enamels. You can then sand the clear smooth then progress to a finer paper (like 2000) and then use a compound such as 3M finess-it II or meguires or some kind of silicon free polish and your rocket will shine like a car! If satin finish is desired use steel wool after sanding off all the orange peels. This is very time consuming but if you have nothing better to do might as well and you can impress everyone at a launch.
For the type of paint to use either Rustoleum LACQUER (not enamel) or one of those duplicolor auto lacquer will do. Those cheap wal-mart paints really suck and will lift and wrinkle just because you recoated it at the wrong time. For primers use BINS primer (not Kiltz... they never dry) it is compatible with virtually every secondary finish and sands pretty good... and doesnt cost alot like those aeropoxy stuff.... Thats what
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use for primers and I've tried it and it works great, cheaper than krylon and dries hard unlike krylon (which remains sticky unless it dried for like a year)