if you want to paint it right, take everything apart. i did it to mine and used brake lacquer (but you'll need two cans/boxes/whatever it comes in, because you'll want extra coats).

if i knew powdercoating costs $100, i woulda went for it, but at that time all i knew was paint. and high temp is supposed to work too. i'd recommend a lot of coats because even now, after 2 and a half years the lacquer has some metal showing due to work done around the rims, tires, brakes, brake fluid, etc.