I am in the same situation.
One good ring the other is not so good.
The first thing I did was masked off the chrome so no damage would happen to it.
Then scuffed out the old paint etc with a scotchbrite.
Then a half dozen coats of Marhyde satin black. looks real good.
The second one is pitted and scratched bad, I wished I would have done it first.
I think what I would do different is use a textured flat black of some sort.
This would have covered/hidden the deeper gouges/imperfections.
Dan