I did the calipers on my s14 with VHT caliper paint, the stuff is awesome. 5 years on, still no peeling or discolouring, plus the spray pattern is very even and doesnt splatter, unlike the cheap stuff
First thing i did was strip them back with a dremel and a wire attachment, then carefully masked the pads, all the bolt heads at the back, bleed nipple, brake hose and disk/hub, plus the rest of the wheel arch and suspension. A good cleanup with wax and grease remover, then about 3 coats of silver, let it dry, followed by three coats of clear. The VHT stuff doesn't require primer and cures with the heat from your brakes
Its about $20 a can so not cheap, but one can of colour and one can of clear will do the job with plenty left over, more info here - http://www.vhtpaint.com/products/caliperpaint/