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Dual optic just means there's a seperate bulb for main beam and dipped beam. On your headlights you have main beam, dipped beam, and cornering light next to the dipped beam.
I'd love to see the finish on a £500 respray!
All depends on where you go, some places can charge up to £250 to paint a bumper alone. Would be a top notch job though.
Buy it! As said already it's worth more than that in parts alone, so even if you don't bother getting it M.O.T'd you'll still make a bit of cash off it.
Open bonnet, look down the back of the headlight you'll see a white cap screw type thing, stick an allen key in it and twist, et voila the headlights move up and down.:)