Painting the inside of the blank after it was drill is best. This puts a layer of color between the tube and the glue and the blank. If you paint just the tube you can see the ugliness of the glue through the blank. Yes you can paint both the tube and theinside of the blank and also add paint to adhesive but that is overkill. You can possible make the hole too small with the layers of paint , for the tube so before you glue in tube make sure the tube slides in easily.
Now choice of color of paint will have an effect on the color of the blank. White will make it very light. red will make it very dark. A pink will between colors and should work well. Here is an example of color differences. Both white and black colors are within the blank. Painting the blank white makes it look light as with painting black it darkens it. Same blank 2 different looks. Just to give you an example of what people are saying here. Good luck.
View attachment 395066