Originally Posted by al_safety
I wouldn't paint it, primarily because I don't think paint will hold up well to the heat cycling a turbo goes through.
Then you should read about high temp paints
That's also only the compressor side of the turbo. It only gets up into the 200*F range (at least this one does, on the Wrangler).
The turbine (exhaust) side, which gets really hot and goes through more extreme heat cycling, came pre-painted because the turbine side is cast iron and will quickly look like crap if it doesn't have a protective coat on it.
If high-temp paint can survive on the turbine side, then the compressor side should be no problem at all. There's plenty of documented cases online of successfully using various inexpensive high-temp paints (engine paint, bbq grill paint, etc) on compressor housings.
As long as the housing is cleaned/prepped before painting, and high-temp paint is used, there's no valid concern.