E36- grey valance under the bumpers

On my 94 325i, there is a body colored strip under the rear bumper, and below that is a grey panel, which I assume is some kind of plastic. It wraps around to the read wheel wells. I've done a lot to
work to get this car looking pretty good overall, but that grey panel had some tar and goop on it and might also be a bit faded. I was using some J-Wax Scratch Out on another part of the car, so I tried it on a bit of the grey panel, and it seemed to clean it up to look like new. When I cleaned it with the Scrath-Out, quite a bit of grey came off on the applicator, making me think that maybe it the color goes all the way through the piece and I had just polished away the top layer. Now I'm wondering whether I should wax it, or use something like Armour- All, or just leave it like is. Any suggestions?
Thanks,
David
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On my 93 I had it painted to match the rest of the car, I think that's the best idea.
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rubber insert, which is body color on my 94 (but grey on my wife's 92). I ordered a spray can of Boston Green online, and it was a perfect match. I was doing the final polish on that with the Scratch Out when I tried it on the grey, but it looks so good that I abandoned the idea of painting the grey. since I just refinished the rocker panels in grey, I'll probably just leave it for now, but if either one doesn't keep it's "like new" look, I might do all the grey in body color.
Thanks for the reply.
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