Finally got this done yesterday. First some pics, then some thoughts and tips.
I had one caliper that was rusting and both front rotors had rust on the hubs and in the vent holes. I used a combination of 3" wire wheel on a drill and a Dremel with wire wheel to get what those would reach, but I couldn't find a Dremel bit that would get inside the vent holes. I toyed with the idea of removing them and getting them media blasted, but really wanted to get the project done this weekend. I ended up buying a 1/2" pipe wire brush, cutting the plastic handle off, and putting it on the drill- it worked great, and was inexpensive.
I used Duplicolor metallic silver on the hubs/rotors. It's a thin, runny paint that brushed on easily. It comes with a stir stick, a small brush, a can of brake cleaner, and 8 ounces of paint for about $20. For the calipers I used body-matched G2 paint. This is a two-part epoxy paint. Once you mixed the reactant into the paint you have 4-6 hours before it hardens in the can. The kit includes a brush, stir stick, a can of brake cleaner, and four ounces of paint. I started with the Duplicolor brake cleaner and ran out before I was done. I used the G2 can to finish up.
I put two coats of silver on the rotors, then two coats of red on the calipers. While the calipers dried a bit, I put a third coat of silver on. Then I did a third coat on the calipers, plus a partial fourth.
Usage: Less than 1/3 of the Duplicolor and about 3/4 of G2. Four ounces doesn't sound like much, but it's plenty.
Results: Well, it's really hard to get around things like the wire springs on the rear calipers and I didn't remove them from the car, but I'm happy with how it turned out. I got a little red paint on places I didn't want (like those springs), but once the wheels are on I'll be the only one who notices. All the visible rust is gone and sealed. The calipers, with 3+ coats of the G2 product, look a lot like powder coat- I'm really pleased with how the G2 paint ended up with a thick, smooth look.
Clean up: Save yourself some hassle and wear disposable gloves. If you are dumb like me then use acetone (nail polish remover) to clean up your hands.
Longevity: We'll see...