What are the advantages? For starters, fiberglass lasts longer than concrete or plaster. Also, fiberglass is smoother, so it absorbs fewer chemicals and less organic material. Fiberglass resists algae stains, too. When correctly done, you are left with a good-looking pool likely to last a good long time.
Paint can also get dusty and may not bond well to plaster. You can do the job yourself if your pool has been painted. I recommend that you have your pool replastered by a professional company if the plaster is not in good condition. If you change your pool's plaster to paint, you won't be satisfied for the long-term.
An experienced professional will remove the old plaster by either chipping or sandblasting it, leaving only the concrete shell. A bond coat then is applied. This is followed by one or two coats with new plaster tinted to the desired color.
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