Sched 40 doesn't perform well when subjected to heat. However, you should be able to paint it with a latex-based paint, but I would strongly recommend against using anything but a low pressure flow through it unless you are relentless about always running it in sunlight so the water inside cools it.
Remember, a slow flow that produces hot water won't heat your pool as much as a heavy flow that produces water just a few degrees warmer than your pool.
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