Completely removing the upper half of the column cover was never even a consideration for me, but I did remove the lower shroud and dropped the entire column down after removing the four support bolts as part of the dash removal process.
I applied new black crinkle coat to the gauge bezels, but did not mess with the steering column, as I didn't feel the need. (I had to leave a little patina remaining in the interior
). However, I see how one could conceivably paint the upper portion with it still attached (just lowered) after masking off everything. Powder coating would be bulletproof, but overkill IMHO.
Incedently, depending how badly the surface is worn and the amount of prep required, I a light coat of black crinkle over the original "fleck finish" is indistiguishable because the original surface irregularities show through the new coat. the following picture of the gauge bezels is not very close up, but you get the idea.