(Please excuse the mess, I promise it doesn't always look like this.)
We've used Rustoleum's Oil Rubbed Bronze before on hardware and had good luck with it.
Mr. C took the light down, dismantled it, and hung it on the swingset for me to properly paint. It helped to spray it from all directions so that I didn't miss any spots and kept the paint even.
We spread all the little pieces out on cardboard...a little tough, but we got it all.
Oh, and please wear protective footwear.
Here is our finished product. We're pretty happy with it!