Personally, I'd apply chip guard and paint. That's what has given me the best results.
But I've also painted a couple motorcycles with spray on bedliner, and if done correctly, they can turn out nice.
I had the most luck with Duplicolor - it has Kevlar in it, and seems to be the most durable. It doesn't gray/brown with age.
Aerosols will get you through. If you were covering a larger area I'd recommend buying their "spray gun" which is basically a sand blasting nozzle that you stick in the gallon. Haha.
Biggest advice: Keep it shaken. Always be shaking the can. If you aren't spraying, you're shaking it. And light coats. Numerous light coats will give you a uniform, desired, texture. It won't look like someone blew a bunch of black snot all over your rocker panels.