Yep it would look the bizzo allright. Hubs seem to be the least affected area of a bike therefore you will have no probs with chipping ect.. Plus you can choose any colour you like. POR 15 would be a good choice of paint. Last forever and no chance of fade or chipping. I think thier hard stuff only comes in black or the other colour (white) is called Whitecoat but that is also very hard and durable.
Great idea tho!! I might paint up my spares. Gotta look better than dull old cast alloy.
Thanx for the idea.