If it is the cement asbestos and not too many are broken I'd leave it and paint it. For the broken ones, they can be replaced with new non asbestos tiles, they are available to match anything I've come across. The key is to remove the broken tiles without breaking them which can be hard to do and replacing them with new ones. If you don't have the skills or patience to do it, hire someone who has experience with it as it can be frustrating. In Massachusetts, they allow removal by almost anyone as long as they are properly bagged, tagged and disposed of properly. as far as painting is concerned, don't sand or scrape them. You can power wash and use a brush to clean them thoroughly maybe use some TSP. It is very good siding, fireproof and last forever if cared for the big drawback is they are brittle so a ball smacking them will crack or break them.
all in all if it's in overall good shape I wouldn't do more than replace what needs replacing and paint. otherwise you could be shelling out big bucks