Half a day ain't a bad estimate, 2 hours first time pad change and fluid bleed, 2 hours to paint and let it dry.
Yeah sure, someone will laugh at you for painting stock steel calipers, but as long as you like how it looks and you don't mess it up who gives a shit. And I agree with Tcoat, covers seem like nothing but trouble to me.
Actually changing to an aftermarket brake kit if you're not hitting the track/autox frequently screams hardparker to me, (or ignorance), and that's way more embarrassing than painted calipers imo. To each their own, the more people that buy nice kits, the cheaper it is for the people who will actually use them, I wouldn't say anything to anyone's face about it, not my car.
Here's the first five results I came up with, there are dozens more.
http://www.ft86club.com/forums/showthread.php?t=26884
http://www.ft86club.com/forums/showthread.php?t=28172
http://www.ft86club.com/forums/showthread.php?t=8824
http://www.ft86club.com/forums/showthread.php?t=66377
http://www.ft86club.com/forums/showthread.php?t=116899
Edit: Changing to the right pads and fluid will be the best brake upgrade you can do. Provided OE isn't adequate.