I have painted a number of bows over the years. For me, a pretty bow is nice, one that won't spook game is better.
Here are few options, first off I use Rustolium, I clean the limb with a cloth with a little LACQUER Thinner, it won't hurt the finish, a little trick I learned from Mike Palmer.
The tape off everything you don't want paint on, maybe best to remove the limbs and place them on a some news paper.
I believe in using a base coat, gray of white primer. Then once it has dried you can paint it with the flat black. While it drys quickly, give it a day or two before you start shooting it, just to give it time to cure.
You can remove it with a little LACQUER thinner and some elbow grease, the finish will be as if you never painted it.
The other option, less drastic, there is a company on the net that sells cap wraps, they also have adhesive limb covers that come with fake snake skin patterns, all kinds of snake patterns, haven't used them yet, but will try a couple soon. As soon as I find that company name I will post it here.
Either of the listed methods will give years of service, and are cheaper than the cost of refinishing, and you won't be without your bow for weeks at a time.....