I am not sure hollow will work, it needs to be quite solid, plus has 3 quite deep holes in it.

The part forms part of some jewellery, the original reason for wanting it to be made of wood was longevity and resilience. It going to be knocked, rubbed, twisted, scrapped - I don't want paint to be scrapping off, fading chipping etc... It really needs to last a lifetime of being worn by someone.