The reg. colored loom holds up OK. I've had some in for years. it gets "crunchy" after awhile...but that's years. DO NOT use a dressing like Armor All in the engine bay, it's flamable! Can't remember the safe ones as I don't use them, I just buff everything with a clean damp microfiber cloth after washing by spraying it down with a degreaser (keeping clear of the engine computer & electrical connectors as much as possible) hose it clean & wipe it down. I have found foam brushes & q tips dipped in isopropyl alcohol make quick work or hard to get to grimy spots.
BTW- I am awful with paint, I am not at ALL patient & I managed to get super results using Duplicolor Mirage paint. If you like the look, it's a real nice kit to deal with. I have used their Effex paint with super results too (my entire lower interior is now navy effex). Just clean, clean , clean then try to be patient while painting (most mistakes I've made have been by rushing things). Painting up some engine peices is VERY do-able for a beginner! Go for it!
Here's my engine last year:
