I had a full semester of Heat Transfer in engineering school and I can tell you this: Paint it semi-gloss or matte black. Everything in industry that needs to "radiate" heat (like a radiator!) is black. The condenser is just another radiator, getting rid of the heat in the compressed Freon.
From the web: The rate of heat transfer by emitted radiation is determined by the Stefan-Boltzmann law of radiation. The symbol e stands for the emissivity of the object, which is a measure of how well it radiates. An ideal jet-black radiator has e = 1, whereas a perfect reflector has e = 0. Real objects fall between these two values. Take, for example, tungsten light bulb filaments which have an e of about 0.5, and carbon black (a material used in printer toner), which has the greatest known emissivity of about 0.99. Black items emit (radiate) heat.
Mick Jagger and I advise you to "paint it black".