First, i would go with Araldite rapid and some colouring pens or paint topped off with some clear nail polish for about a fiver and an hours work.
if that doesnt look good- smash out the tile, cut the apperture on new tile after removing valve and making good the wall. Then spend time next day grouting and polishing tile to find the rest of the grout looks dull in comparrison so end up doing the lot!!
i like the easier was out
in fact after a closer look, thats a bar mixer and the pipes will go through a hole in tile so will have to remove ad drain down waater too!