I've painted some old koni yellow shocks before with rustoleum spray paint I got from autozone, because they were all chipped up. I also painted mine black for stealth reasons, and yes, it worked fine. The shock body does not compress, it's steel or aluminum. Just make sure you don't get any paint on the shaft, or the rubber seal around the shaft.
I'm don't remember the exact process for powder coating, but if it involves baking the finish on, you aren't going to want to do that with gas charged shocks/struts.
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