OK, delivery of the Krylon arrived in the mail (many thanks Lindsay for the tip, I purchase it from Over the Rainbow as per your suggestion).

The next question - is it required to remove the lift channel (I think that's what it's called) from the glass when applying the Krylon?  My initial reaction is to just leave the channel in place (and I have probably a total of 3 glasses to do).

If the channel must come out, then the best way to do this?  I cringe when I think of the risks involved in taking it off (and putting it back on), and my gut feeling tells me to just leave it on in the first place.