7. Mask off the sides and front of your badge like so.
This is to prevent any paint from seeping onto the face of the badge when you paint.
8. Spray paint the badge's back face with any color you'd like. Just like any paint job, start slow, and do multiple light coats.
The reverse side now:
9. Throw on a few coats of clear coat for protection.
10. Now you're done! The finished product:
11, Reinstall. I actually drilled some holes behind where the badge mounts to the grill. That way, I can just pop it off from the reverse side with a screwdriver if i ever have to remove it again. To attach, just use some strips of 3M automotive double sided tape. It works very well.
Here it is on my car... I did red/black to match my color scheme and wheels. I'm very happy with the way it turned out: