Powdercoating has the upswing of being relatively cheap and you can do it at home. For small parts (that can fit in a cheap craigslist oven), it's easier to get better results than painting provided you do the prep work, spraying is almost foolproof. But as said for "wear" items like pegs it will wear off before too long. You can extend this if after you powdercoat and cure, you use a hardened clearcoat. You can buy this stuff called SprayMax 2K, it's a 2 part rattle can. You pop a peg in the bottom to mix the hardener in, then it's good for like 8 hours. It's far more durable than regular acrylic clear and gives a high gloss.
There's also this stuff called plasti-dip that comes either in spray cans or tubs. It's kind of like paint but dries to a somewhat rubbery, textured surface, a little like truck bed liner. Comes in a few colors, and if you decide you don't like it, you can just peel it off.