I think white would release the heat. Even if the paint is on the out side of the engine it will still hold the heat on the surface. try heating a white pan and a black pan to the same temp. The white one will cool faster. I may be wrong though. There is a reason "cooler" clothing is not black, The heat comes more from you the the sun or external heat sources.
1987 Honda 200X 90% way through frame up.
1987 CR500R Motor, Soon to be a 540 ATC motor
1986 250R frame, For now
2008 Honda 700XX
2004 KFX700 Torque monster!
2011 Can-Am Commander 1000X
Looking for misc Liquid R parts