ChuckG, I am in the powder coating industry and will have to say not a great idea though certainly can be done. The only problem is paint thickness. Typical spray can or wet spray thickness could be between .0005 - .0010 where powder is between .002 - .005 depending on color, how many coats and such. It is not easy to sand so any coats on top make thickness even more. It is fantastic for larger parts such as car parts, bike frame, fences, etc etc. Masking can be done but at a higher cost and with some tight tolerances of a reel, especially between the rotor cup or side plate and the body, could be bare areas. If you want a fancy color scheme, going with spray cans will be a much better choice.
I'm not saying somebody out there won't do it, just not sure if it is a cost effective way to proceed. Let me know how you do with it. Would like to see pics when done.
Good luck
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