Evenly heating the pieces in the oven is a tricky business. To avoid having little burnt lines on the white enamel, you'll want to make a bunch of hanger-things out of coat hangers. Use one that isn't painted, and just make hooks out of the ends; hang the pieces off the upper rack of the oven.
Don't wait too long after you see the first piece begin to turn that eggshell color -- this is one of two trips into the oven for the white parts.
After the handle is cool again, take the blue tape and mask off everything more than a hand-span back from the button. Spray what you haven't masked, the part you'll actually grab with your hand, yellow. Let it dry.
Meanwhile, paint all the pieces (that AREN'T the handle itself) red. I'd suggest taking the pivot at the end of the handle apart, and really having a bunch of pieces. It'll look SICK when it's back together.
Take the one-inch tape, and keeping the pattern consistent and the tape one inch from itself, spiral it back to where the rest of the handle is masked. Spray the yellow handle part you can still see through the spiral with black. Let it dry for a minute, but not too long.
Remove all tape. Return all pieces to the oven until the white begins to turn a little off-white, then begin to monitor it all closely. This is not an exact science, but total cook time for the white paint ought to come to about 40 minutes before it'll start to look good.
The white on the parts will turn eggshell when they're done. It's a very antique white, like you've got on your steering column, or like an old ivory. Very nice effect. The yellow and black will harden and look like they should in an old car, but they'll not be discolored.
The enamel red will turn about like oxblood, or like an old Tonka fire truck. It's the perfect color. The stem, now visible through your holes in the handle, will be red under white.
I re-worked an old 1950s Tonka fire truck with Ace white and red for my son Morgan. This was the exact technique, and it hasn't shown a scratch yet. He was four when I did it, and he's 10 now. It looks antiqued, but tough. No rust at all.
Trust me when I say people will look at the rest of your car for a couple minutes, but that brake handle will grab their attention. Short of buying one of Dario's, TC's holes and a cool paint job might be "the thing."
You won't run the risk of boogering it up with clear-coat, either. It's baked enamel. You don't have to clear it at all.
Hmmm? Whaddya say? Just for you, my friend, I create this: