Getting the engine compartment painted will be the hardest part as there is a lot of stuff mounted on the inner fenders. I think it could be done with just moving some stuff out of the way and not having to actually remove too much, and certainly not the engine. Black deffinitely looks nice, but you should consider how much time your willing to spend on it if you want it to look nice. Also black will attract extra heat durring the summer so consider that as well..
White on the other hand is the polar opposite, lowest heat color there is and looks almost as clean as beige no even when dirty.
Me personally, I'd go with something like a real lime green, more green than Citrus yellow is. I guess it all depends on how much of a "look at me" color you want.