I recommend not painting the valve cover. If it is your first car I recommend making it run great before making it look great.

Looks like it has some rust or salty road corrosion, unless my eyes are decieving me. I can see it has ABS, manual transmission and an original radiator. Check for leaks, check the quality of the hoses and belts. Not just the two large radiator hoses but all the bypass hoses as well. Check the motor mounts. If the brake fluid is nasty change it out. How many miles on it? Do you have a maintinence record?