The difference in hole diameter is actually rather significant. Without the proper one not only would it look obviously off and be rendered pointless, but it’ll also slide around a whole bunch.
Here is the link madcatz store website. It has multiple colored TE bezels and multiple colored JLF stick shaft covers and dust washers. It’s worth a look.
The point of a shaft cover is to keep corrosion from setting in.
Most people don’t like the chrome to become cruddy or the shaft metal to rust…
Every stick equipped with a JLF or JLF-clone that I’ve ever bought has always had the shaft cover.
The only Japanese sticks that I know of that don’t have shaft covers are JLW’s and LS-32’s. You have to custom-make shaft covers for those sticks. All other sticks come with shaft covers or the covers are an option.
To paint the shaft cover — which I wouldn’t; I’d get a colored shaft cover instead — you have to buy paint for metal. Rustoleum and Krylon have tons of paint colors for metal that are enamel variety…