I didn't do a plate but I did an entire 94 cobra intake with the same general idea.
First you start by stripping it. There are a number of ways to do this from blasting to chemical but it depends on whats available both in time and $$$. not sure what sanding is needed as that depends on condition, a pic would help. As for paint I just used black tractor paint as we know its tough but if you want to go something a little crazy/metallic its not hard to do. To paint the low spots just thin the paint out and the use a syringe like here in this vid.
[video=youtube;hmz-Ft0Ega8]https://www.youtube.com/watch?v=hmz-Ft0Ega8[/video]
same way I did mine after I polished them.