west marine sells new covers for the jim buoy horseshoes.... and new bags for those with old crispy lifesling bags...
you can probably find them on the internet as well.
paint will hide the old color, but it wont make the cover soft again, or UN sun rot the material... and the stitching could fall apart when its need most, so do an inspection of it before just trying to make it look good, because functional is more important than looks...