I love the idea! Red wheels would be awesome.
I had wheels for my GSX-R powder coated by a shop here in Seattle, so I can share my story there.
The shops that "do powder coating" usually offer a few services. The right way to get your wheels red is definitely powder coat. But there are steps prior to doing a quality powder coat that you don't want to skip. So any shop you are inquiring to, ask them if they offer:
- sand blasting (of wheels, since they are large)
- "chem dip" or similar process to make the wheel metal inert and prevent corrosion
- and obviously powder coating (and masking if they're a good shop)
I had this process done to my wheels, and they came out perfect. Not only that, but the powder coat finish has proven to be extremely durable against impacts and chemicals. I had a leaky caliper get brake fluid all over the wheel, and even if I left it to dry on the wheel, it didn't damage the finish one bit. It still looks as good as the day I got it, now about 4000 miles later of riding.
When I was getting a quote and discussing the job with the shop, they informed me also that certain colors, finishes, and metallic colors had varying levels of durability. I originally wanted gold wheels in the ducati wheel gold, and they had a nearly identical powder on hand. Although the tech informed me that the gold not only required a second, clear powder coating layer just to get it to "be durable" but also that it may be more susceptible to damage and fade. Bummer. So I went with white. The white powder is apparently a very well formulated color that is both deep, shiny, durable, and overall good for use on a wheel. So make sure the shop has a well formulated red powder in the color you want, and you basically gotta go to the shop in person to see the color swatch sample of the powder to make sure it is what you want. If they are a good shop, they will have a wall of color samples.
And in case it wasn't clear, you must remove absolutely everything from the wheels prior to the coatings. Bearings, spacers, tires, valve stems, wheel weights, cush drive, rim stickers, everything. So you will need to purchase all these items again once the wheel is done and reinstall all of those or have a shop do it. The price adds up pretty quick, so make sure it is what you want.
Hope this helps put this into perspective. Whatever you choose to do, just don't spray paint your wheels. My GSX-R wheels were spray painted by previous owner, and it was awful, so I spent hundreds of dollars to get it removed.
If you want advice on painting fairings as well, I did a write up on the Gixxer forum I could link you to if you want DIY good-quality paint job outcome for cheap, and I'd be happy to share that to help you on the path to making a unique 300!