Good post, Indigo, and welcome to the Forum!
The issue of ownership is a thorny one. Since Mr Hunt was made bankrupt, the pier has been in the hands of Administrators who, I've no doubt, would dearly love to get it off their hands as soon as possible. I've seen mention of a minimum price of £10,000 in order to recover their expenses so far. There is both a Pier Steering Group and a Victoria Pier Pressure Group set up, but progress seems to be painfully slow.
I would be in favour of a community group buying the pier from the Administrators and it being run as a community venture. The Pier was the hub of Colwyn Bay social life up until the 1970s and it could now perform that role again, along with providing a host of attractions for visitors and locals alike, eg. cafe, bar, amusements, childrens rides, small concert venue, exhibition hall. The restoration process could really bring the community together and provide training in various building skills, along with work for small businesses in the area.
You're quite right in saying that a good coat of paint would transform the exterior of the buildings for a couple of years until more permanent repairs could be carried out. The strategy for a community group should be to try and get the main building at the entrance looking smarter and reopening all of the facilities/attractions within, thus generating the cashflow to begin other work. Members on this forum have, in the past, suggested a market in the old Ballroom as a way of initially generating revenue and bringing people back onto the pier.