Welcome to Rave's Spycrab Shack. I spy crab, do you? What? You're a spy? Well, it's not cannibalism if you don't spycrab.
It's paintable. The video demonstrates the rigging.

I want to make it have multiple styles, something I'll do if I can figure out how to make it also compatable with the gold star system.

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Some suggestions I've recieved and am considering:
Remove the text.
Change the crab icon.
Change what parts are affected by paint.
Reduce the neck strap size.

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Thanks to >{GHS}< Princess Cherry Picklers for making some cool SFM renders seen above.
The SFM image with the spycrab on the table is mine, however.