What would you do?

If you're just going for a driver quality paint job...and a color change, i would either take my time, and do a nice job blacking out the engine compartment, and then leave it black when you change the color, OR keep the hood closed and ignore what someone else thought was cool until you pull the engine for paint. Depends how much you hate the goofy pin-striping. If it's that terrible you can't ignore it, and you are set on a body color engine bay..then i suppose you could rattle can it for now. Just remember you will be stripping it back off when you go to paint it. On a non OE "resto" like this, i wouldn't mind a black engine bay at all. If my car didn't need inner fenders i would have just left it black. IMO about the worst looking thing you could do is paint the engine bay your new color, while leaving the rest of the car sublime for a few years.