I'm thinking about doing this to the running ponies and the faux gas cap this spring when I upgrade to the black or charcoal AMR rims. I was thinking on dipping first just to see how I like it, then if I really like it then I'll paint them.
I think it looks good if it's the theme of your car, if not ehhhhhhhhhhhhhhhhhh.
I didn't have to take them off. I took painters tape and taped of the surrounding area, leaving a small amount exposed right around the emblems. Applied about 3 or 4 coats of plasti-dip. Once it dried, the plasti-dip on the surrounding area peels right off leaving just the emblem painted.