Mine didn't cost me that much. After the FedEx bill, was about $16 Canadian, so all told I still spent less than if I had bought a Gameboy Color, Screen Mods and R4 card, plus the ability to play other emulators so still not a bad investment. The Clockwork Gameshell looks pretty rad and I can't wait until that becomes more freely available, I'd like one of those as well. I got the one I painted now from Hardkernel directly.
As far as painted mine was concerned, I recommend painting it before putting it together. The screen overlay has an adhesive backing that you don't want to ruin by taking it off after putting it on again. So if you're going to paint it, I suggest doing it right off the bat. I used painter's tape all around the outer edges and on the front on both halves of the shell, and then just spray painted the interior. Go nice and even, and it will come out looking great. You don't even have to go that thick. There is a blue LED in the front center, you will be able to see a dot on the enter of the case directly below the center screw hole between the buttons just below the screen. You can see it in the picture above, I recommend taping a small circle over that and not painting it so the LED will shine through. I didn't do that at first, so when I scratched away the paint to expose it, it doesn't look as good as if I had painted it properly.
Also, from the front, on the left side, there is a band of clear plastic next to the screen overlay that still shows transparent and I'm not sure why that is since it got painted, but it still isn't too bad. Overall, it looks better than the picture in person. I have another one on order and should be showing up in October (Because I was dumb and ordered it from another site and not HardKernel) so I may actually do a short tutorial on painting with before and after photos once I decide what color or colors I want to paint it. I'm thinking of doing something a little fancier, such as a pattern but I haven't decided yet.
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That does look pretty neat. Was thinking of spraying mine, but I don't know, I kinda like it as it is too.
Shame the audio level is so loud. I also had some emu issue on Xenon2 for SMS and my Mario 3 rom just crashes.
I've got some distructions on how to build .fw files, once I've got that working fine, I'm going to look at my fantasy 8 bit machine, with a libretro core too. Don't really know much about audio programming though, so might look at importing reSID or something
The audio output can be modded by replacing some of the SMD resistors with some of a slightly higher value. They're super stupid tiny though, so I'm not sure I'll actually get around to doing it. I might just try putting some inline resistors on the speaker wires themselves since there's a bit of slack, and you can tuck the wiring to the side of the speaker afterwards. May or may not try that out. I want to put a headphone jack in it but I haven't been able to electrically picture how to do it without impacting the speaker or headphone volume short of using a physical switch instead of the built-in one on a headphone jack. There's not much room inside for an additional PCB.