#1 in not dipped. Would worry that the extra or pooled paint might create and issue. Guess your asking about stamped steel pulleys used in 69 due to where you posted thew question
Not unusual to find evidence of a mask for the spacer or the surface were it would meet the crank
A few NOS pulleys to illustrate Bob's comment showing what appears to be paint applied with spray
They may have differed depending on supplier as here is a close up of a few different pulleys finished with what appears to be brush strokes
This one doesn't provide a clue, from what I can see, as to how it was painted
Looks like there maybe a brush stroke at about 4 o'clock on this one