This phaser was created by modifying the Playmates TNG phaser. It was repainted with screen accurate Plastikote 7173 paint. (It wasn't actually Plastikote though, I got it custom mixed at an auto store by giving them it's paint code: GM 84/85 15W.) I also removed the belt clip, filling the hole and sanding it smooth, and added the little "panels" on the underneath by cutting the shapes out of two stacked layers of an old Best Buy gift card.
I also removed the buttons, replacing them with extras that must have come from an old kit I forgot about, and filled the speaker holes on the side of the thumbpad and the fake LED strip. I filled and sanded the seams of the battery compartment, filled the screw holes, and sculpted over the weird red emitter to make it look more screen accurate. I also sculpted underneath the emitter where the metallic blue strip goes. This was not accurate to the TNG phaser, more accurate to the Voyager style, but I thought it looked better than having nothing there.
Overall this was a very easy conversion, though I managed to stare at it on my workbench for two (I know!) years. It could easily be completed over a few weekends. I plan on converting the second playmates phaser I have as well, making that emitter more accurate and doing an overall cleaner build and finish. You can see every flaw in these photos between the flourescent lighting and camera flash. Hopefully the next looks better and doesn't take nearly as long.