If you are going the wet sanding route. you might want to try ordinary rattle can laquer. the better option is to get two component laquer at your local car painter. The latter will end up with a harder surface then the rattle can stuff.
Almost a year ago I refinished a Bontrager XXX lite stem.
Here is wat I did:
The stem is kinda hideous on its own, but with some tlc it could be turned into something nice for shure. I will replace the stock steel bolts with Ti. Then I bit the bullet and pulled out the waterproof sandpaper and a tub of water. and started the wet sanding.
I found out that sanding works the best underwater and, on top of that luke warm water prevents getting your hands very, very cold.
After the sanding the stem was cleaned with alcohol so the laquer would adhere better. I then threaded a bolt into one of the sockets and connected a strand of rope to the bolt. This way you can hang the stem. F.I. inside a box. then just grab the moment you feel the most brave and spray!
While holding the stem by the bolt so you can rotate it to get the laquer on every spot. Do it layer by layer with 10 to 15 mins intervals. I think I gave this stem two layers.
Leave it to dry till the laquer is "touch dry" and then put it in the oven on a low temparature for ~30/45 mins to harden the paint.
ok, here are some pics of the finished product.
It has had two coats right now, It has been in the oven to help the paint cure better. Now I still need to polish it a few times with car wax. Wax on.. Wax off... the wax is basicly a way of polishing the surface.
Please note I did leave a small xxx lite logo on. but that is going to face the ground. I left it on so people can still see it is a simple bonty stem. (well, the big B on the faceplate is a dead give away as well...)
[edit, I just made it a sticky, because quite a lot of people ask about repainting parts.]
'Tape was made to wrap your GF's gifts, NOT hold a freakin tire on.'