Will this cover my fog light openings, or do I need to cut them out?

This bumper ships as a solid panel. You'll need to trace and cut fog light holes to match your factory opening size before painting. Mark the locations carefully from your original bumper.

Does this bumper have sensor cutouts already, or will I need to drill for parking sensors?

The raw cover does not include pre-cut sensor holes. If you run parking sensors, you'll need to drill and install those cutouts yourself before final assembly.

What's the best approach to painting this before install?

Because it ships raw FRP, you can paint it off the car for cleaner results and faster turnaround. Once fully cured, bolt it on. Painting after installation works too, but mask off surrounding panels carefully.