Hi,
I just did my '97 315r a couple of months ago. I bead blasted the frame, swingarm, rims, crankcase covers etc etc. then Alocromed them and then powder coated them with an architectual grade black satin polyester powder paint. It looks really good to be honest with new plastics and a full set of '03 decals.
This finish is very hard wearing - the bike has had one hell of a hammering since then - clubman trials weekly and I love falling off! There's a couple of scratches on it now but nothing major.
Word of warning - if you're going to go down this route make sure you use the correct powder paint i.e. a polyester paint. Hybrid paints (i.e. epoxy polyesters, epoxies etc. will "chalk" when used in harsh environments. This basically means they will dull off and eventually start to go brittle and crack! and you dont want that to happen after all your hard work, cos believe me - it takes HOURS to strip the bike down and build it back up!
Hope this helps, let me know how you get on.