I used spray paint for the wood--the color was Rust-Oleum Colonial Red in Satin finish. I didn't seal it--figured if I ever want to change the color, it would be easier to change without a sealant on there. I partially assembled the chairs and table before painting--that way it was easier to coat multiple surfaces at a time. The tops of the table and chairs I painted with chalkboard paint. I used the spray paint version, but in the future, might go with the regular paint in a can. The chalkboard paint spray paint came out with a very narrow stream, so it was hard to get an even coating on the surfaces. It will still work, but in the light you can see streaks.
This was a really easy project--total cost, for table and chairs plus paint: $45.