Yep, I decided to try spray paint. I was skeptical, but since I had nothing to loose I thought it would be worth a try. First, I removed the shutters from the house, cleaned and dried them, then painted with Rust-Oleum Plastic spray paint. It took a few light coats on each shutter from lots of different angles. I am so happy with the end results particularly the money we saved.
Here is our house with the shutters and door updated (I'll do a post on painting our door later.)
I was unsure how well the paint would hold up over the winter. However, they look the same as they did when I sprayed them last summer. We had a mild winter this year so we'll see how they look after a "real" Minnesota winter. I really expected to have to touch them up due to peeling paint but there is no need.
Here is a close up picture of how they look now.