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I didnt spray but have done BSA and Ariel's before. I got them sand blasted, not shot. then made sure dry.
if very fussy you could get them cadmium plated (gold film) as a corrosion preventative,...

what you have to remember is Ally ones on mx bikes are changed and checked every race. which is why they look good and are replaced.
if you want to go colour on as steel, you could follow old...

problem with painting is its going to chip either way, powder coat or spray (water or cellulose). you will end up base colour around the teeth and once chipped corrosion will work its way under....