If you never carry pillions, it'll be OK just to spray them with regular paint. If you do, it won't last. If you use wheel paint or similiar it'd be fairly tough, but it's not designed for friction wear- ordinary cellulose car paint and laquer would be, basically, rubbish.
Powdercoating's good, but I wouldn't think it'd work well for the footpegs- could make them slippy. I doubt it'd last well on the footpeg faces either. Also, it's too thick to be used on the hinge, so you'd have a silver bit. Maybe you could fit some of those anodised ones?
Anodise them maybe?
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