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Rather than deal with carpet or tolex what types of spray coatings would be good?

Bed liner is one, but it only comes in black that I can tell. Color options would be nifty.

Also any ideas to protect the speaker if it would be recessed?

Rustoleum makes a very durable textured paint that looks quite a bit like bedliner but in a bunch of colors.
http://www.rustoleum.com/cbgproduct.asp?pid=31

Why not use one of those round metal speaker grills?