Repainting them is an interesting topic but I don't know if you'll get an answer there. There are only a few guys painting plastic baits and although there's a lot of talk about it on www.tackleunderground.com, There isn't a lot of detail on what/how to do it. Try this thread, it was the best one that came up when I searched

http://www.tackleunderground.com/board/viewtopic.php?t=421&highlight=paintagain

Repairing rips and tears... I've been using super glue gel for general rips/tears. If you're glueing back together the spot where the hook goes in, superglue is bad becuase it makes it hard. Better to mix up a little clear plastic in a pyrex cup in the microwave, then pour it in the tear. Just be careful not to scorch the plastic in the microwave or your house will smell really really really bad. You can do this over and over if need be. The Stocker Trout guys taught me that trick.