I have done this a while back, and finally got a chance to post to my 986 brothers.
DupliColor caliper paint, with "Porsche" sticker and clear coat over it.  Wheels off and taped only.  
I also redid the wheel bolts (again, learned from this awesome forum) and used I believe a Rust-Oleum or Krylon chrome with automotive primer underneath.
I think it turned out quite good with my Seal grey and grey top.  You can see that the amount of sunlight that shines on it will give the calipers almost a different shade of blue.  Enjoy!

 
 
