In regards to the durability, I've had my S4 wheels dipped for over 3 years now, and the only wear is user error (curbed once). Otherwise Pasti Dip holds up really well. Granted, off roading will take it's toll for sure, but I wouldn't worry about it chipping, since it's rubberized.
The badges is where Plasti Dip really shines. All you do is tape off a box around the badge to avoid some overspray, give the badges a few coats, and then when you peel around the letters, it cuts itself perfectly around the letter. For inside the A, 4, R etc, I just used a toothpick to ball up the Dip and pull it out.
As a side note, all that work cost me only ~$45 (price of the PastiDip)...just a thought if you're looking to Black things out...Look up DipYourCar on Youtube if you're interested in Dipping.