It says on the can that it will be chip-proof after 7 days. I painted mine using the Krylon Fusion in June 2006. I only washed and dried it - no primer. I can't remember how many coats I put on, but it was probably 3-4.
It'* my daily driver (16k per year) - no chips yet (knock on wood).
You've got a different front end style than me...so I'm not sure how you inserts would come out...but mine came out quite easily. I wouldn't recommend painting it on the car if you can't help it. And if you do, then yes, tape off/paper the whole front nose...you don't want overspray getting on your car.
Here'* the link to when I did mine...