I took all my hubs off to paint mine. I used masking tape to cover up the holes where the bearings when on the front hubs so they would get messed up. Only thing I didn't think about was the bolts and the inside on the rear hubs. The paint on the bolts made it a bit difficult to put the tire back on, and the paint inside the rear hubs made it difficult to slide them back on the axle. Finally got them on using Pam non stick cooking spray, lol... didn't have any grease of WD-40.
As far as what I used, I bought two cans of blue 1200 degree engine block paint. I figured if anything would stand up the to abuse a banshee goes through, that stuff would. Anyway, put two coats of the engine paint on, then put two coats of clear coat on it to shine it up. I couldn't have gotten a better match on the colors.