'linish' ??
Queen's english sure is strange
On a serious note, if you mean coat and sand/file then yes that should work. Be very careful on the surrounding paint. It should be infinitely easier to go this route than masking. I can't picture the calipers at the moment, but if the lettering is raised, then this should be a piece of cake. If depressed/debossed then mask away - scraping the insides stinks!
As far as the waiting period - I can't speak to that. Never did it - the info I posted was from the things I've read over the past couple of years on the other sites.
Good luck!
p