Did a similar job on the clutch cover of my Ascot this summer. When I bought the bike there was a rather large and deep gouge right across the middle of the cover. I had been holding off on replacing the cover as I also suspected that the clutch basket was badly toothed and I was slowing gathering parts to completely replace the clutch. In any case, I finally got around the putting on the new cover last summer. The replacement cover was in reasonable shape, no scratches or gouges but the aluminum finish was looking pretty grim and there were lots of paint chips. I sanded the aluminum finnish part clean and polished it up then masked it off and painted the rest of the cover with PJ1 case paint (after overall sanding of the cover). It turned out reasonably nice except I made one mistake: I had stored the cover in my relatively cool garage so before painting it, I let it warm up in the sun for a while. This actually made it a bit warmer than ideal so that when I painted, any over-spray immediately hardened so that some parts of the cover have a slight 'pebbly' look. Not enough for me to do over at this point but I will probably re-do the next time I put a clutch in (which will hopefully be never). The replacement cover looks much better than was was there originally.
PS: in the end, there was nothing wrong with my clutch basket (i put a new lower mileage one in anyway because I had it on hand at that point). The severe gabbiness I was experiencing with the original clutch was due to two things: thoroughly baked metal clutch plates which I replaced along with new fibers and the damping spring was missing (fortunately the low mileage used clutch that I purchased on EBay included the damping ring). Doesn't say much for how a previous owner treated the bike.