Put some plastic down on the floor and wear disposable gloves. This stuff on bare skin is like a tattoo for a while.
Don't attempt this job in a closed garage - the fumes get into the house and they STINK!
A half pint can is enough for the axle. If you use a larger can, pour it into a margarine cup - don't paint from the can - crumbs dragged into the paint supply from the brush will catalyze the rest of the paint in the can in just a couple days. Once you have opened the can and dripped some on the rim, use plastic wrap under the lid or the lid will weld itself to the can.
If you have a quart can, I found that Fleischmans small tubs are a close match to the top of a quart can. Cut the bottom of the tub off and press it into the gutter in the can rim and you have a nice pouring spout. Pop it out and grab the paint off the tub with a brush. When it dries, you can peel the POR 15 off like tape. Don't use a styrofoam cup - solid or foamed, the PRO 15 eats right through it.
I use disposable 1-1/2" foam brushes from Home Depot. They will soften up in the POR 15 after a while, so get a few.
Here's what mine looked like with Top Coat applied.