I got a great deal on a leupold scope. It was dipped about 5 years ago. The short of it is, that it looks like hell. What are my options? Re dip it, spray paint it, cerakote it? I just want the original matte black finish or something close.

Think I'd go with cerakote

Can you cerakote over hydro dipping? I know you can hydro dip over it again. Just wondering how well cerakote or paint would stick.

It would not be optimal.
The old dip would need to be removed because is has a base coat under it that is most likely water based and the cerakote will only be as good as the base layer it's applied to

Why not try to remove the rest of the hydro dip. It just might have a nice matte finish under it. I'm not sure what to use to remove it, but it comes off easy enough on a dipped shotgun that I'm sure there's something that will take it off.

Brake cleaner and acetone will get it off. Not sure if it will do more damage than good.

Go buy 5 gal of acetone. Get a long storage tote about 6" deep. Pour the acetone and drop in. Leave for a couple hours or until dip starts coming off. I did this with my 912 Franchi years ago and rattle canned it. Ducks dont care.................................

I would NOT recommend submerging a scope in acetone.
I've soaked rags in acetone and wrapped them around the scope to soften paint with no ill effects.

^^^DO NOT get any harsh solvents near lens coatings, seals, or O-rings.
Using rags and cotton balls and Q-tips, I’ve removed a lot of paint from optics, being careful. It’s a bigger PITA than most firearms, but can be done.

My bad, I did not read all the way to the top! Hell naw I would not get acetone near a scope either.

I did like gundoc said. Worked good. Used a cheap electric toothbrush for the intricate parts. Taped up the glass with tape and cotton balls. Got it all off. Looks great, but took some time. About 2.5-3 hours. For me, well worth the effort. So basically I picked up a new vari-x III 3-10x50 for $200 and a little of my time. I’m happy.