How would you go about protecting an old collectable surfboard when you want to actually surf it?
Main concerns are UV protection, theft risk reduction and ability to eventually remove the paint / decoy / camouflage when it's time to hang the thing on the wall (yours or some museum wall). Also important would be the ability to do ding repairs without too much added difficulty.
Painting parts or all of the board seems to be an option, but what paint? Ideally, it should be durable in water, but easily wash off with some solvent that will not damage the board. Sanding the paint off would also be an option, but much more difficult and risky than wiping it off.
Painting a board that has some real value is a no-no, IMO. As far as theft prevention…treat it the same way you would any other valuable. The idea of painting it to disguise it's true 'identity' seems more than a little strange, to me.
The company I work for has a graphics division and one of the employees printed graphics on vehicle wrap material and applied it to his board. This would work for you. The stuff is removable for up to 4 years, would protect from scratches and so forth. Think of it as an entire board sticker. Probably cost you a bit of dough.
I take old beaters and paint them to look like wood. Ad a wire on back so they become wall hangers. They sell well in the antique/decorating market. Surprised more people don't do it. You can learn how to grain paint by looking on utube.
On average I have only maybe 3 hours in a board including filling holes etc. Sell for around $300 a pop. A bar bought 12 of them a few years ago. I pay around $40 each for old boards.
Treat it lake a collectible car. Don't take it out in crowded spots, care for it well and enjoy it for what it is. I don't think that you would paint a '57 Porsche Speedster to disguise as something else so no one would steal it.