They did. I have a Cherry Red 2851 wall telephone which is factory painted and all components are different original color (even handset caps are different base colors).

I recently saw a Turquoise 565 phone which is apparently turquoise painted over a beige plastic body.

I have a 30-button refurbished Call Director from Bell Canada, which is painted over green plastic shell and the satin silver 200 conductor cord is originally beige. Another 18-buttons Western Electric Call Director has a satin silver cord painted over originally green cord.

I assume they painted whatever they had for refurb, not always matching the color of original plastic. There are lots of mutants created by them in refurbishment.

But keep in mind: factory painted is 100% equivalent to the original plastic color and in case of Aqua Blue color it is much more stable to yellowing than plastic. Aqua Blue is one of the most unstable colors.