I was curious if anyone can refinish/repaint spinning reels? I've seen it done with casting reels but never spinning. Are there just too many parts to make it cost effective?

I would like to see how to do it to a casting reel. I wouldnt mind trying it out.

I've seen it done, and turn out really well on both casting and spinning reels. I'd Google Calfish Custom Reel Painting if you want to see some prime looking baitcasters. As for spinning, I'd direct you to a very cool thread about someone doing just that, but unfortunately  that sight is currently down. In the end it comes down to your abilities, or willingness to send it off to be painted, and whether or not the reel is either monetarily or sentimentally worth it to you 

I'm waiting for that forum to come back to life so I could ask there too. The reel I have isn't anything special, just beat up. Personally, I don't have enough skill to do any kind of reel painting so it would have to be sent out.

Unless the reel you are wanting repainted is pretty nice or special to you, it may be better just to buy a new reel. Casting reels typically cost $75-$125 to paint from most quality reputable painters. I would venture to guess a spinning reel would price out similarly. If you aren't reel savy than you will have to have the reel disassembled and have the parts needing paint sent off to be painted and then reassembled and lubed/greased upon completion. Just something to think about...