Found this info on this site, thought it would be pretty interesting for everyone as well as myself.
http://www.ehow.com/how_4889277_paint-your-alternator.html

How to Paint Your Alternator

Paint Your AlternatorHow to Paint Your AlternatorUser-Submitted Article
Changing the color of your alternator is really easy. It will dramatically change the look under the hood.
.Difficulty: Moderate
Instructions.Things You'll Need:
Alternator
Brake cleaner
Paint
Small Paint brush
1
STEP 1: Remove alternator from vehicle. Follow instructions in your vehicle's manual.

2
STEP 2: Clean the alternator with the Brake Cleaner and a rag. Take your time here. The cleaner it is, the nicer the paint job will come out in the end.

3
STEP 3: Using a small paint brush (I used a 3/8") start to paint the alternator. Be sure to get in between all the fins and curves. Wait for it to fully dry.

4
STEP4: Reapply a second coat. This will assure that everything is covered uniformly. This will also make the paint a little more durable.

5
STEP 5: Reinstall the alternator (after it has dried) into the vehicle. Be sure to install it correctly. Now step back and enjoy the work you just did all by yourself!

This is a great how to, but i had/have no issues with just spraying the alt directly with spray paint..

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Honestly I was considering it, but wondered about the pros and cons?

Well, i think if you spray to much or to closely youll run the risk of screwing something up, but if you just put light coats on from a good amount away ull be fine, you could also just take it apart as well.

Think Im gonna try it tomorrow so check the "My Celica's History" thread for updates, lol

hmm speaking of this I just had my alternator rebuilt and the guys that rebuilt it cleaned it up really well and threw on a light coat of paint on the coil fields as well. I"ll update pics next weekend once my car is finished.