I recently acquired another Silver Bullet, used, and the finish on it left something to be desired. I was looking at cheap options to make this thing look good again and came across Plasti Dip. Plasti Dip is used to add a rubber grip to tools, but some people use it for other things like Plasti Dipping their cars.
I used the spray can version of the matte black. I took the SB apart and masked off the button. Then I tied a string to the threads on the bottom part and another to an atomizer that I connected to the top. Then I hung them up and sprayed them with about 3 coats. On the last coat for the top section I demasked the button and gave it a light coat.
I have to say...this turned out a winner so far. Nice matte black finish and grippy rubber feel.
Before (Olive Drab one on the right):