Discolored plastic...

If you paint textured plastic trim, it won't stick long term. Because this part in question is a front bumper(exposed to stone chips), I'd highly recommend not painting it. I've seen professionally reconditioned textured bumpers refinished and they still have problems. When a part like this is that badly dried out, there's no way to recondition it long term.

Here's what I've done:



2000BMW-Red016.jpg
 
Paint it... i've done it before...

One thing to remember, get some bulldog adhesion promoter and spray it with that first, that way the paint will stick.





or Tire Dressing :)
 
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