I just did basically the same thing in the summer, so I am the one you want to PM if you're having trouble. I stained the interior of my drums, then painted the exterior. Here are some things to keep in mind.
1. Don't paint the orange stipe.
2. If the export is brand new, I wouldn't mess with it.
3. Sand those suckers until they're smoother then that polished 69 camaro sitting in your driveway on a sunny summer day, the sanding has to be flawless.
4. If you have old boxes from heads, cut circles oout of them the diameter of your drums(1 for top and 1 for bottom) and place it about halfway down the bearing edge then tape up the gaps.(so you don't get paint on the inside.
5. As for paint, you want a smooth finish, so use spray paint, but do it well. Do two coats of primer, 2 or 3 or the color you want, then at least 2-3 coats of clear(you might have trouble getting the right kind of clear)
I could ramble on and on about what to do, but ill just post some pics, after all, a picture says a thousand words. I don't have a picture of what i meant by covering up the drums near the bearing edges, but I this shows some of the stained interior, the glue line from the wrap (good luck) and the primer coat.
I couldn't get the wood smooth enough, so what I had to do was slap on a crap load of primer from a can, then sand it smooth (it took about 2 weeks) but the end result was fantastic. Sorry for such a long post, I'm just excited becuase I'm doing it again this summer.