overall, I agree with the premise about painting it the color you like, my only caveat is that changing the original color requires so much effort if you want to do it right, as in absolute dissassembly, and even then, you can't get to all the nooks and crannies that the factory could get to when the car was but a shell. Repainting the original color doesn't take so much effort or dissassembly, and then you can concentrate on a beautiful finish. For example, I would paint it the original white color, but I would add a Pearl or Morphing effect to the paint, as in those custom paint jobs, though I know the purists will throw stones at me.
But I don't care, I am guilty of modernizing my own 1965 S type with XJ-6 electric door mirrors and switch, Van Den Plas XJ-6 front and rear Headrests, XJ-6 Center Stop Lamp, modern XJ-6 stereo and speakers, (the car had a 1965 AM Radio for heaven's sake), and I added an Emergency Flasher kit. But if you noticed, everything I added to the car came from another Jaguar. And I'm still at it, next comes an Air Conditioner kit from Mr Jaguar.com, and a Getrag 4-speed automatic out of an XJ-40, but money doesn't grow so fast. The reason I did all that is because I love to get in the car and drive it long distances, 800 miles one-way, then back...it's a driving car. But traffic conditions today require safety and comfort accesories. A friend told me: if you want so many XJ-6 accessories in your S type, why don't you get an XJ-6 ? I told him: "But I already have an XJ-6".
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