The paint on my outdoor lighted sign is faded. I am hoping I just can repaint it.
Has anyone done this? any tips or downfalls I should watch out for?
I have not, and what little i know about painting i would say talk to a local sign maker and see what they say. Generally paint used in that type of use is not your normal over the counter stuff you can just buy at home depot.
I have a local guy i use for signage and all my window/door decals. Little more expensive but he does an awesome job and is extremely knowledgeable.
is your sign a flat panel sign or raised letters? you might consider a vinyl graphic print …
It is raised letter sign, so it would be easy to paint myself. The blue paint faded and is almost completely gone and the red paint is fading to pink. the rest of the colors are still great. (but unfortunately our name and number on the sign are the blues and reds 
)
I second the motion of talking to a sign guy, especially with blue. Blue stinks for lighted signs that is why so many signs that use blue outline it with white. The first part of our sign is a royal blue and for 12 years you could not read it from the road (we are in a shopping center set back a little from the road). I just had the signs neon replaced with LEDs about 6 months ago and in the blue section the guy doubled the number of modules when I expressed my concerns about the blue being seen. Now the sign is clearly legible from the street and we have had a decent increase in sales that I can not attribute to anything else so the $800.00 spent on the sign must have made a big difference.
Your sign is very important. It is the very first impression a person gets from your business. Get it done the right way and you will see instant, positive results.
Curb appeal is very important…In my travels I see lots of pizza places (and other businesses) I would not go into as a customer…Some even go so far as to put pictures on their FaceBook pages so folks that might not see the store otherwise can see their location…Great if your store looks good in the photos but very poor idea if your store…I understand the need to watch expenses but sometimes doing a little extra has a large payback…
My kids used to have a small graphics business. They lettered with One Shot sign enamel. You can buy the paint, but is your hand steady enough to do crisp outlines? As others said above, a poor sign has it’s drawbacks. …