Will this molding cover factory fog light cutouts?

No — this molding preserves the OEM fog light openings. If your bumper has existing cutouts, they stay clear.

Do I need to remove the old molding to install this one?

Yes. You'll need to unbolt the factory piece first. Once removed, this one bolts in at the same anchor points — no new holes to drill.

Can I paint this before bolting it on, or should I install first?

Test-fit it first. Once you confirm it sits flush and lines up with the bumper, remove it, paint it off the vehicle, then reinstall after the paint cures. This avoids masking the bolts and gaps.