It takes a light touch to avoid too much etching of the magnesium.
If you don't have the facilities yourself already, you can get a very simple hand held sand blast unit from Clark tool for under $100, looks like an old fashioned paint spray gun with the syphon feed. I use mine outside on a brick patio so I don't even have to do much in the way of cleaning up the sand.
The PJ-1 paint is supposed to be good stuff but I couldn't confirm my experience.
Do you want to invest $70 for the sandblast gun, $10 for sand and $10 for a can of paint to rescue this part?
Mark