I've been thinking about doing that, and I'll probably do that sometime this summer when I'm bored.
Today I purchased the paint for the base coat, as well as the weather stripping to seal up the lid. Here is the type of weather stripping that I used:
This came in a package as "17 feet". I decided that only a single strand was not enough, so I kept the two strands together to make it seal better.
This stuff is really simple. It has adhesive on the back and all you need to do is remove the wax strip and install. I do have my concerns that it won't tack well enough, so if need be I have a staple gun and will put it in the middle of the strips.
Here's a picture of the corner. I know it's not lined up perfectly in the picture. I lined it up afterwards, I just wanted to get the picture before I fixed it.
And here's the final product:
It took me about 10 minutes to get it situated properly.