Spray painting it black normally works pretty good. Brings out the colors of your fish better, gives you tank more depth, just makes it look great. Thats why I did on my 125gal and 20gal. Watch out for runs though! Do several light coats.
if you dont want to paint it, i would just leave it alone. i like the pipings and tubing to be visible LOL. dont use cloth or sheets, it kinda looks cheap
If you don't want to paint, they sell foam poster boards that look pretty nice. I'd go black, but if you want another color, I'd say red would go with the gravel and your wall color.