I painted my front calipers silver using a caliper paint kit from the local auto parts store. The paint is high temp for brake parts, and it applies with a small brush. I really liked the way the paint "flowed" once the brush was touched to the caliper... made a nice even coating.
I first went over the caliper with a wire wheel on a die grinder to remove the surface rust. The paint kit came with a can of brake cleaner to remove any oils/grease.
Then use newspaper to mask like the original poster. I went ahead and sprayed a coat of primer, although the kit instructions didn't call for it. Turned out nice.
I left the rear drums alone. I really didn't want to paint them to actually draw attention to my (sad) drums. If I had painted them, I would have went with black to simply make them look newer and not so dirty/rusty.