OK, I might as well step in; I've recently been going crazy painting calipers....I can no longer stand to look at a rusty caliper. First I just quickly sprayed the calipers on the 61 MGA shock gold(i had some left over from my shock rebuilds) It looks great behind the wire wheels, but I left the drums black on that one. Then my 16 year old son painted the front calipers on the LE red with some old brush on tremclad rust paint, I didn't think i'd like it but it did look great and I have had no flaking, burning or other problems from it.....Then I decided to paint my Jag calipers red as well.....used the same tremclad paint and it has been on there since with no problems!
I painted the drums on my 58 MGA red(this was done a LONG time ago) i don't remember what I used but it's been holding up great, although I've had some comments made by the purists.
I do plan on painted the front calipers on my 78 B's red and the drums black....I'll also do the Camaro(i already did the drums black) and probably the TR6 as well.
Sorry for the long, post but I tend to ramble when it's about cars.