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I wouldn't pay $100 to replace it, but I'm a cheepo (just ask my kids). Given that the cowl is easy to remove, why not paint it?
I've had great luck with Rustoleum "Bumper and Trim" paint. I just painted the faded cowling on a 2000 Grand Cherokee I picked up a few weeks ago. I removed the cowl, cleaned it and wiped down with denatured alchohol and sprayed a few light coats of the bumper and trim paint.
It came out looking great and took very little effort. If you aren't pleased with your results, then buy new if you want.
Good luck!
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