Before anyone gets all up in arms, the chrome on this bike was in pretty rough shape, full of pitting and chips so I didn't see much point of trying to save it.
Having said that....
I started by just washing the fender with good old fashioned soap and water to get as much of the loose dirt and gunk off as I could then went and got myself a 4.5" twisted carbon steel wire wheel for my angle grinder and just went to town knocking off all the dead chrome, paint over spray from the PO, and everything else that would come off the piece. Admittedly the fender looked pretty good to me after I'd done that, the rust stains on the chrome were gone and it looked presentable. I was tempted to toss it back on the bike and call it a job poorly done.
Anyway, so I'm about to commit some pretty heinous painting atrocities here, so consider yourselves warned. I am not a painter and this is my first attempt at painting a piece of metal.
Fist step was using some good old Rustoleum primer, white. Put on seven or eight thin coats to get the coverage I was looking for.

This honestly it where the first mistake was made so I've been told. Apparently to hide all the imperfections in the chrome plating of the underlying metal I should have applied a lot more primer and sanded between coats to fill in the low spots, whoops. There are probably numerous more mistakes I've made along the way, so please, help me out here guys.
While that was left to cure for two days, per the directions on the can, I was left to ponder what color the part would ultimately become. For this I consulted a few buddies who talked me down from going with a glossy light grey color to match the typical appearance of a late 70's F-14 in favor of the "more manly" Gunmetal Grey. A quick trip to O'Reilly Auto found the can of paint I was looking for from Dupli-Color. Gunmetal Grey which apparently matches the paint for GM vehicles, who knew? Also collected was a can of Rustoleum undercoat and Gloss Clear Coat Acrylic Enamel.
Today I spent the after noon painting the fender, which surprisingly ended up taking almost the entire can of Dupli-Color to finish.
Two coats deep....

Four....

Added under coat - 3 coats

And after 6 coats and a further 40 minutes of dry time after the last coat it was brought inside.

I personally think it came out pretty good for a first attempt at automotive style painting and gives me some encouragement to move forward with pulling other parts off the bike to paint. Tomorrow I'll go ahead and give it a few coats of clear. Then once that's and cured properly I'll give it a good wax/polish and put it back on the bike.