Hi Thomas,
The big question for me is WHAT DO I PAINT ? A scene ? a color pattern ? Not being an artist maybe I should do caveman stick figures and hand prints ? lol The possibilities are endless.
Well, per our other discussion, and now that you have asked directly...

When this topic of "ugly stoves" and now a "oil barrel" comes up, I tend to turn to my pragmatic self and follow tradition...
Traditionally, masonry heaters that needed (or their owners wanted) them to get "fancied up" turned to the world of ceramics. Painted (glazed) tile and glass is the best and most enduring way to add color to these "heating devices."
For the masonry heaters there are countless tombs in multiple languages that cover this subject. For the barrel I would recommend a wire armature not much bigger than the barrel that tile could be afixed to in whatever pattern, color, format and/or texture on whishes. I have seen dragons, or abstracts and the choices are infinite. This does take more work and involves other things to learn but is the only "guaranteed" durable color treatment I know of for "hot surfaces" other than acid oxidation and related which is not something I enjoy doing when I've done it...
For the cobb part, there are just so many ways...You will enjoy that adventure all on its own...
Good Luck, and look forward to seeing what you do...
j