Or you could remove all the rubber, sand down the frames with 220 grit sand paper, go to your local techshop and powder coat them into a new shine.
And so that's what I did for my friend. I would have preferred a nice neon pink, but he wanted black... boring.
It's all about the prep.
Remove anything that will not survive 15 mins at 400 degrees F. All rubber, plastic, etc.
Then sand (by hand) the existing color off until you are down to the metal. Frames can bend so sand blasting is not recommended (or they can slip out of your hand and fall down into the blasting cabinet).
Line the inside of the frames with some time of heat resistant tape, or regular tape but you will have to pull it off before putting the lenses into the oven. This is to protect the pockets that hold the lenses in place.
Unscrew the joints and separate the frames. The goal here is to avoid locking up the hinges. Next get some simple green (wear gloves) and degrease the metal to remove your finger prints and residue. Then hang the frames from hooks and pre-heat them for 5 mins at 385 degrees to cook off anything problematic.
Pull them out, let them cool down for 5 mins and then spray away with the color of your choice.
Bake'em in the oven for 15 mins at 400 and WALA, the process is complete.
Enjoy your new frames.
Lastly, If you have trouble popping the lenses back into place or inserting the screws, just take a small screwdriver and scrape away powder in the hard to reach places.
That's it, Bob's your uncle.