Studying the few I have I would say the entire bracket would have been painted but do to poor adhesion the bracket became bare quickly.
Judging by the paint on the wires and the position of them opposite the bracket it only makes sense.
My bracket is bare in the same spot too. The wires have no paint on them but the connectors that are bolted to the rectifier that the wires are crimped to are painted. It would seem that the paint must have flexed off the wire portion over the years
I've looked at 6 different ones and they all have paint on the wire loom that appears to end just past the point of the entire rectifier being submerged.
Other thing I've noticed, when taking the bracket off the battery holder there was orange paint on the bracket face between the two parts.
Dipped for sure, the paint on the wire loom is consistent around the diameter which I don't think is possible with a spray and there is pooling at the low point of the rectifier plates consistent to being hung by the wires to dry
As I was sandblasting the rectifier fins I noticed on one side of the fin was just paint and the other side had something under the paint.
Was the same for both fins, kinda looked like silver paint.
Any thoughts?
After a little more research I believe you guys are correct, only part of the bracket was painted.
It looks like the held the bracket and the two wires together and then dipped, will try it this weekend.