I was getting a buzz at highway speeds that turned out to be the skid plate touching the frame welds initially. The welds stick down a bit, and when the skid plate was tightened up even with foam on the frame rails, the rear of the plate would juuuuusst touch the frame welds and vibrate against them. Putting another piece of foam directly under the welds cured that. The mechanical noise of the engine is just nicely reflected back at the rider up the front of the metal skid plate and up the steering head between the wings of the front plastic. Take the plate off, and it's a remarkably quiet bike.
I do 30 minute to 90 minute runs on slab sometimes, and it's just annoying even though I know it's not a functional issue. On a dirt only bike, wouldn't even be a factor offroad. It's just the sustained noise at 75 MPH on the highway that bothers me.
Once I get our garage/shop back in some semblance of order I'll take a day on the weekend to modify the Acerbis skid plate and take a good long ride on the bike. Trying to find a good compromise between protection and noise.
Back to the O.P. If the paint is chipping, I'd just take it off and powder coat it. Using plasti-dip would work, but no idea of the durability of it.