For most of the years I've been making the LBT tester I have painted with automotive laquer, which is no longer available, so I switched to what so far has proven to be a very durable paint, about one year ago.
Both wear off rather quickly where the bullets rub under the penetrator, but you won't ever make any wear into the steel below.
Recently I received one back that I had manufactured 30 years ago, which someone got as a gift from someone who had lost the pointer and instructions. It was easy to fix and recalibrate, though there have been several major changes since starting with that first model. I'm not too secretely, proud that they are so tough. They never wear or change calibration unless they are stepped on or driven over by a car.