Painting and decals would set you back a minimum of $150, so figure out if it's worth it to you on a $200 bike.
At $8 to $20 a roll for bar wrap, you can afford to experiment. I like Fizik and Sella with a bit of padding built in. Some gents here want the cotton look and prefer Newbaum's. Yet others manage to recycle old bar tape and even use bike tubes.