I have painted a multiple sets over the past few years, using acrylic paint. I follow a locked thread HowTo by Phat Kat. A very helpful guide to car painting.
http://www.ausmini.com/forums/viewtopic.php?f=25&t=63720As the flares are not required to flex I treat them like a metal body part and have had no issues. I have painted non-Mini plastic bumpers and have added a flex aid due to the pliable nature of the bumpers, the paint shop where I buy paint gave this advice.
As new flares come in good condition, I initially scuff them with a very fine sanding sponge, then basically follow Phat Kat's HowTo. I dry sand where I can and use foam backed sanding sponges where possible. I haven't used guide coat lately, but have used a product by Bodyworx - Imperfection Sanding Guide.
If you are using 2K paint, you'd have to modify some steps. If this is the case, hopefully an expert can provide some guidance.
Good luck.