You can paint it pink with purple polka dots if you want. Just make sure the thing is turned off so it doesn't suck paint through coils. You have to remember that the unit sits outside and goes through a lot worse than spraying a little bit of paint around it.
Hmm custom painted condenser pads. wonder if there's a market for them maybe call it Pimp out my Condenser or something like that.
You should be fine painting it I would turn off your AC and cover the condenser to make sure you get no over spray, but remove the cover from the condenser after your done but before you turn your AC back on. Or better yet paint the shutters condenser slab gray.