I painted my rear drums black last year with VHT Brake Paint. They were a bit too obvious with their natural rust color, even behind the 10-hole rims I'd been running, and I knew they'd REALLY stick out if I ever put anything else on there (such as the Ponies I'm running now), so I just wanted to make them less obvious.
The VHT stuff works great. I just wire-brushed off the drums, hosed 'em with brake cleaner to get rid of the dust and such, and then sprayed 'em down with the VHT paint. No chipping or anything in over a year, so far. I used the same spray paint on my 10-hole rims, as well (black with polished lip), and they've held up quite nicely ... aside for one rim that I had to touch up because I missed a couple of spots with sloppy prep work. Frankenstang's running those rims on her '86 GT 'vert, now.
Dunno about how they'd hold up against brake fluid, but they've withstood plenty of heat and washes and such over the past year or so. Autozone sells the VHT stuff (several different color options, of course), but I dunno who else does.
