Sorry, I have no experience with painted chains. I do have a lot of experience with paint and machinery though. If I was going to paint a chain (or a master link), I would clean it well with a solvent (if you don't know what I mean, go to your auto parts store and get some brakeclean), then hang it with lightweight fishing twine at around chest height. Then I would apply three or four light coats of white engine enamel from a spray can. Plasticoat engine enamel or something similair should work well, fairly resistant to oil-based lubricants. Don't worry about the paint messing up the flexibility of the chain - not going to be a factor unless you dip the chain. Follow the instructions on the can about recoat times and give the chain a rest somewhere warm after painting to let the enamel harden up well.

Once you have the chain mounted on the bike, spin the wheel enough times to free up all the links, then use whatever chain lube you are used to. You are going to have to re-paint the chain every so often, depending on how often you use it. If you are confident enough, you should actually be able to touch up the painted chain with it on the bike, make an overspray guard out of cardboard so that no paint gets on the bike, then follow the same process. You will only be able to do a portion of the chain at a time that way, and be careful to use multiple light coats so you don't get drips.

Good luck!

-Ryan McEachern