Up to you MF, coat of paint always freshens them up and looks like you have put some effort into it as long as you take the motor off. It always looks dodgey when people try to spray around the motor. Then you have to weigh up what you expect to get for it. If it runs fine you then just keep in the back of your mind that if the rains come and the sun shines then the grass will grow and people have to cut it.
Not sure what the chute is that you are talking about for a steel base rear catcher?