Depends on what the reel is made out of, Magnesium and Aluminum will pose adhesion challenges. If you want a laquer, the Advance Auto Parts carry a line of paint from Duplicolor called Paint Shop, it's a 3 part system, prime, base and clear, $20 each for a quart,, limited colors, but it'll get the job done.
When mucking about with laquer or Urethane based paint....BE CAREFUL, it ain't Createx, and it'll hurt you. Badly. Wear a respirator, and heed ALL warnings, the Icocyanates in Urethane paint are absorbed in your skin as well as your lungs