I have seen the custom painted wedges before and always thought they looked pretty cool. Here is a good thread on how to do it. I did a couple clubs and they turned out good. I did maroon and white on my putter and red, white and blue on my wedge.
http://www.golfwrx.com/forums/topic/430009-paint-fill-101/
http://www.golfwrx.com/forums/topic/430009-paint-fill-101/