I took this one step further. I used some silcon bathroom caulk and filled in the gold T emblem. I throughly cleaned off any that got on to the "silver" part of the cap. I painted them up and when the paint dried I pulled of the caulk and presto they caps looked just like new.
I also got some clean coat from Dupli-color I spray them with.
I went a different route with mine and painted everything a dark grey, then brushed in model paint on the sombreros. Came out nice and is easy to touch up when it gets scratched.
Mine are now black. After repainting them several times over the years I decided to use Rustoleum bedliner (you can get it at Walmart). I use my truck as a hunting vehicle in addition to wheeling in it. The trails down here cover over in grass pretty quickly and the long grass takes the paint right off the hubcaps. The bedliner stays on MUCH better than paint!