Not that I remember anyone posting about. Some people have had good luck with painting the letters. Difficult to get a perfect job unless you take a lot of time and care. The blanket must be clean and undamaged. Start with several coats of primer, it really soaks up the paint. Then paint on the color. The best example that anybody posted examples of was done with very careful masking and spray paint. It did look great.
On my Viper, the snake head logo is embossed on the pad like Cobra one on the Cobra. My Viper's came out great..I even did it in two-tone silver and red.
I would buy a new pad, carefully mask it off..then I primed several coats to get it to build up a bit. Then, go for the color.
By getting a new pad, you can work on the groud or workbench and really make a nice job of it. It also helps that a new pad has no grime, oil or anything else on it that would prohibit the paint from sticking. Once you are done painting, switch the pad.
I used regular spray paint on the Viper's pad and it seems to be holding up nicely. No need for engine paint...unless that's the color you want. (If anyone wants to see a pic of the Viper's piece, let me know.)