Matt is correct... it's a TREMENDOUS pain in the ass to powdercoat calipers. Also, most people don't want to pay for the proper powder as Mike Z points out.
Pain in the ass?
* Complete Disassembly
* Bead blast
* Clean
* Prep "all" the holes.
- 43 - 33mm piston bores
- 16 fastener holes "PER CALIPER" (split 1/2's with front and back)
- Mating surfaces
- Bleeders
- Fluid inlets
- Mounting bolt holes
* Clean all holes after coating. It's best to cut the residual powder off the face areas.
The seals should be able to withstand the simple task of powdercoating. Brakes can routinely get a lot hotter than that. I would almost recommend a full rebuild. Bolt them together and then powdercoat them "IF YOU MUST". Run some of that green tape over the top of the pistons and be done with it.
The calipers Don talks about were powdercoated at the factory. There's a lot to be said about performing that process at the proper time in the build schedule.
I know it's a personal preference thing but... I'd just plate them and be done with it. If you want Red calipers... buy them. What's a couple grand amongst friends?