Silver paint? Are you certain it isn't the way the light reflects off of the translucent poly cones? Take a look at mine and see if they're similar...
http://www.audiokarma.org/forums/showpost.php?p=4410544&postcount=1
Early Watkins were paper cone, later ones were polypropylene.
If the coil is fried the only alternative I know of is to contact Bill Watkins and send it in for a recone.
http://www.watkinsstereo.com/
There are no other woofers with dual voicecoils of different impedances, at least that I've ever heard of, so you're stuck with Watkins or nothing.
I think it would be interesting to experiment with two single-voicecoil subwoofers in one cabinet, driven through the Watkins dual-drive circuit though.