They make a brush on paint kit for just brakes. It is the best stuff you can use, its nice and glossy and will last a long time. I had it on my cavalier and didnt have to put another coat on until 2 years later and the only reason I did put another coat on was to bring the gloss back out, it still hadn't chipped or rusted or anything. Great stuff, just make sure you take your time to completely clean the caliper/drum and then take your time brushing this stuff.

You can get this stuff pretty cheap on eBay, I paid $55 for this same kit at a performance shop like 3 years ago.

Brake Paint