I've been spraying my candy toy Medals and I've been quite pleased with the results, save for a few errors I had to work out the hard way.
This was done with normal metallic silver, not chrome. I think being too reflective would hurt the overall look, you want enough so the light has enough reflection to bring the color out but not so much that it blots out the details. Not sure metallic paper would have the same effect, it would either have to be carefully cut to miss the pins and tabs or you'd have to deal with the crumples and creases it would have, and there's not a lot of room between the face and the chip for it to go.
These came out the best. Kujaku looks especially awesome though my camera's not quite up to doing it justice.
These are the ones that didn't work out so well. Nothing really wrong with Ptera, it just started out so dark that the change wasn't that drastic. Still makes the emblem pop better, but might not have needed the help. Sai is the big error, the chip was only slightly visible before, but spraying the insides brings out the inner moldings as dark spots on the surface. (The Premium Medals have this issue, too.) The result is a blotchy look on Sai. Sasori color-wise is fine, I show it to point out the mark on the bottom. That comes from the chemical paint remover I tried using, lifted the pigment out of the plastic very easily. Make sure these are taped off on the edges as well as the faces before attempting to paint.
All and all, I think they look a lot better, much more substantial and easier to see the details. I wouldn't do it to my DX Medals, but I'm happy with the results. I want to get candy set 5 to try some more.