Well not sure about coloring, but here is a thread that shows some nice decalling :
http://pinside.com/pinball/forum/topic/johnny-got-a-new-suit

I have done two of them and getting ready to do a third.
What I do is use a large mask and completely mask the side or area I'm going to fix. Then I use an exacto and trace all the area that I'm going to paint and peel of the mask exposing the faded area. I use Montana spray paint because it dries fast the the color is correct. Spary and wait to Dry and peel looks great and both the people I did this for where pretty darn happy with it. I also did his face on the side with a little tan. A slight spray and the black still comes through bold. Markmon has pics I don't think I have any.

With mask and all supplies prob a $75 fix and it takes me about 2-3 hours to do

You should do a thread when you do your next JM. I think there are alot of JM owners, including myself, who could benefit.

I'll do a step by step next week when I do mine

Ugh would never do this halfway method to my JM, I hear true full cabinet decals will be avail by years end.

Astropin's 50% decal job turned out real nice, IMO....

Well when the new decals come out you could just pull the old ones along with the paint on top of them. BAM!

If you're using a frisket to mask (which you should) then it's transparent, and easy to see what you're cutting. Adheres well for a clean edge, but peels up without leaving a residue.

Frisket is just a transparent masking film. You can buy it in sheets or rolls from a good art supply store, or order it online. For a cabinet you'd want a roll. It's tacky, so it sticks and gives you a clean line if you're spraying, but it comes up clean, and won't pull paint or leave residue behind.

So roll out your frisket over the letters, and cut out what you want to paint. You'll want to mask the rest of the cabinet with just paper or whatever, only need the frisket for the parts you need to see/cut. Use a straight edge to cut all the straight lines, and only free hand the curves, you should get a pretty clean result. Just takes a little time and patience, and a steady hand. Oh, and make sure you use new blades on your exacto, and change them if they start to dull.

That would be awesome. Who's your source - someone inside Planetary Pinball I hope?

Was told well over a year ago that PPS have zero interest in running JM cab art due to licence fee & low prod run of JM machines i.e. not worth it.