Maybe I can give you a few tips here...
My first [electric] guitar was a Squier. It was white. I didn't know a damned thing about guitars at the time, so I made a little mistake.
I thought it would look good with some sort of natural finish or stain, so I sanded the piss out of it, only to discover that cheaper guitars like these are made from laminated basswood or some such thing. One word: ugly. Don't do that, dude.
So, I ended up painting it a metallic red color, and lacquering the hell out of it. In the end, it looked like crap.
So, here's what I recommend. Start off using some sort of paint stripper because that finish is thick and hard. You'll be sanding for weeks if you don't use it. Then sand it until it's as soft as a baby's butt using progressively finer sandpaper.
The next part is the most important, and what I know the least about. You'll need to prime and sand, and apply paint and sand some more. Then you'll want to use some sort of lacquer. If you use the right stuff, and do it in the right order, it'll look snazzy. If, on the other hand, you go to a hardware store and buy some cheap paint and lacquer and just dive in...it'll probably look like crap. You'll probably want to research this a bit more on the net.
Bottom line: When I got my Squier, it looked good, but sounded like crap. After I was done, it looked like crap, and it sounded like crap. But I really didn't screw anything up.
Go for it.