Majority of Electric guitar is nothing but a piece of wood. How could you even dare to think that its NOT possible to paint it? Of course you won't paint the strings ... For cost, just talk to a local carpentar/painter. He will tell better (and cheaper too).
i dont think it is possible to re paint all the electric guitars...coz then in that case one can re paint the gibson les paul studio so that it looks like a traditional standard version...
As long as the old paint comes off when using a sander, you can re-paint a guitar. That said, you (or your carpenter/mechanic/painter) better know what you are doing 'cause there is quite a difference between painting a car/walls and painting a guitar. Btw, if your guitar is a good one then you better maintain the original paint if you want resale value. You could repaint a studio but you would have to add bindings to the neck and body. Then you would have to replace the plain maple top on the studio with a book-matched flame maple top and then carve it to shape and stain the wood. You would then have to paint it with the burst colors for 4 or 5 coats and then finish it with numerous clear coats to give it the 3D depth of a well finished top. To me, that sounds like risky project.
Errrrrrrrr, reading the procedure posted by wylder itself scares the shit out of me, I would leave my guitar as it is, I love the worn look anyways....... Moreover its a ******* (atleast to me) to re-paint a guitar, I would never do that.....and ofcourse not to mention the intricacies that involve when painting a guitar. Sanding, painting, buffing, etc etc, if you have the tools and are good at it, it may make some sense (still not)....
