Best way to paint calipers

I got my brake kit a few days ago and I want to paint my calipers red, as they are currently black. My dad just masked off his roters on his 95 GT and spray painted them blue. They haven't peeled, chipped, or anything in the last year or so.
I'm more picky about my car, and want the job to last. I want just a glossy red. Also, should I just paint the whole thing, or just the area around the "Cobra" and not go on the "rails" (the part that goes from one side, down around and to the other side)? Should I take some tape on the lettering and cut out the letters? Or should I just paint it and take some sandpaper to the letters?

Here is a pic,

cobracal1pa.jpg
 
On my old Cobra I just painted mine satin black. I painted right over the Cobra lettering then took a razor and scraped it when it was dry, came off easily.

Powdercoating would be the best but more $$$ of course. I never had a problem with mine painted for 2+ years.

And IIRC you can remove the caliper body from the bracket. There is a circlip on the bottom (by the letter A). Take that off and pull the pin out. The caliper itself then can be pulled off the bracket. You may need to mount it to the rotor first to make it easier