Well, I'm in the midst of kinda doing the same thing. But, I'm doing a bit more aggressive stuff than you: I'm taking all the paint off with a wire wheel and redoing every piece of metal in there.
The bulk of my engine bay will be semi-gloss black, and there will be assorted pieces that will be taken down to bare metal and painted with a couple coats of clear, provided the metal isn't pitted and nasty.
Of course, my engine bay is in a LOT worse condition than yours.
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