Not to high jack the thread ...but... I always understood that the spring assemblies were either all natural or fully assembled and dipped in black paint.
One of the things I always see on graveyard cars is they have black painted springs with natural clamps. That would also mean the inner liners would be natural not black.
I have disassembled spring assemblies and since they are 40 years old it is hard to see the paint, but they look like no paint in between the each spring leaf.
I have never powder coated springs because of the clamps.
You are correct on the proper restoration technique. I decided to rebuild my spring packs, and powder coat the individual springs then put a new natural clamp on them. If you wanted to do it more correct, you could always tape off what you dont want powder coated and assemble as you wish.
Im a big fan of powder coating, since it is much more durable than paint. Yes, if you need to touch up from chips its not as convenient, but if I need to touch items up, I always choose to pull the part and re paint/ or powder coat the whole item due to any fading or corrosion.