I'll try to hit some of your questions, welcome to the board!
The 3-1 starter basically replaces the old circuitry on your compressor, and gives a 'kick' to old compressors. There are much more knowledgable people on here about them, but it's a matter of hooking up five wires, three go to the compressor circuitry and two go to line power. You can pick one up through Fun-tronics or there may be a local refridge shop that sells there, here's a link:
http://www.fun-tronicsllc.com/index.php?crn=235&rn=606&action=show_detailDon't worry about the paint on the compressor when it comes to paint, not going to affect the cooling that much, I had the same questions when I started out. I'd use Rustoleum Hammertone on the inside tub, gives a solid look and will last a long time. As for the rack, I'd most likely want to powdercoat or chrome it, since it will see some heavy-duty action pulling bottles around.
Excited to get started on my first gas pump, so we're on opposite ends of the spectrum!
