As others have said, for originality, paint it the same color as the exterior.
However, on my race cars, I paint the engine compartment white for better
visibility and easier touch-up.
I painted the engine compartment in one of my street Sprites with the engine
in, and I will never do it like that again. It is a much easier job with the
engine out, and you will get a much neater result.
When you're stripping it down for the re-spray, pay particular attention to the
seams and joints in the sheetmetal work and use a liberal amount of brake
cleaner (or similar) to make sure you clean all the accumulated oil and other
gunk out of the seams and from under the lap joints so it doesn't mess up your
new paint.
-Karl
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