Refinishing a guitar

[yunikoneko.livejournal.com]

Has anyone here ever refinished a guitar? I went to an open mic the other night and saw a girl who had just painted straight on hers.. no varnish or anything. The execution wasn't very good, but the idea was, and I think I'd like to give a similar project a shot. I want to strip the paint off one of mine and repaint it with something cool... but I'm a little worried because the one I'd be refinishing is my very first acoustic (a birthday gift from my parents over a decade ago). I guess I shouldn't be so worried since it's already got a bunch of nice dents in it... =_=;

Suggestions on paint/finish? General thoughts?